Gas prices in Jamestown came down by almost a penny this week to $2.708 per gallon, according to AAA East Central’s Gas Price Report.
Gas prices are increasing across the Mid-Atlantic and Northeast region, ranging from one to six cents more expensive (New York, +2). Similar to this time last year, New York is among the top 10 most expensive gas price averages in the country. Moreover, prices in New York are 12 cents more expensive than one year ago.
Despite arctic temperatures, there have been no real supply issues in the region since gasoline inventories are ample. With a small build (55,000 barrels), gasoline inventory levels continue to top 58 million barrels. However, the region is at a 7 million bbl. deficit compared to this time last year.
This week’s average price for Jamestown: $2.708
Average price during the week of January 2, 2018: $2.714
Average price during the week of January 9, 2017: $2.556
On the National Front
The national gas price average has held steady at $2.49 for nine straight days. Many motorists across the country are seeing more expensive gas prices on the week, while prices are cheaper for a select few states. Motorists can find gas for $2.50 or less at 64 percent of gas stations nationwide. The cheapest gas can be found in Missouri ($2.23).
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 57 cents to settle at $61.44.
Although the market dropped slightly last week, end of the year gains were significant according to the EIA. Among the 2017 U.S. crude highlights were:
- Crude oil prices at the end of the year were the highest year-end prices since 2013;
- U.S. crude production increased by more than 384,000 b/d to 9.2 million b/d (based on confirmed data through September 2017); and
- Crude oil exports averaged 1 million b/d through October 2017 – a record high and increase of 445,000 b/d from the 2016 average.
These facts have given the market greater optimism about the potential of prices continuing to climb in 2018, as OPEC’s agreement to reduce production will remain in effect through the end of this year and will help to restrain growing inventories. However, growing U.S. production amid higher global demand growth has given some pause to these optimistic market observations. U.S. production rates in coming months will give a clearer picture.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
AAA East Central is a not-for-profit association with 81 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members. News releases are available at news.eastcentral.aaa.com. Follow us on Twitter and Facebook.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com