The average price of regular gasoline in Lockport is up by four cents to an average of $2.655 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
Four states in the Mid-Atlantic and Northeast region have gas prices that are 5 cents more expensive on the week, including New York ($2.74). The state is one of the most expensive in the region and the country, along with Pennsylvania ($2.86), Washington, D.C. ($2.79) and Connecticut ($2.72).
The region saw the largest addition of gasoline inventories in the country with a 2.3 million barrel add. The 63 million barrel total sits eight million below the Energy Information Administration’s (EIA) report from the same week last year.
This week’s average price for Lockport: $2.655
Average price during the week of January 22, 2018: $2.615
Average price during the week of January 30, 2017: $2.436
On the National Front
At $2.58, the national gas price is four cents more expensive on the week. Across the country, motorists in 47 states and Washington, D.C. have seen pump prices increase as much as 9 cents with the Great Lakes, Central, South and Southeastern states seeing the largest increases. The EIA reports an increase on the week in gasoline demand and inventories.
Nationally, gas prices are 10 cents more expensive than one month ago and 30 cents more than one year ago. On the month, Iowa (+18 cents) has seen the largest increase. Compared to one year ago, motorists in Indiana (+52 cents) top the list for the largest increase, while New Mexico (+15 cents) has seen the smallest increase in the country.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 63 cents to settle at $66.14. Moving into this week, oil prices are likely to continue trending higher. EIA’s latest weekly report highlights that U.S. crude inventories reached their lowest level in nearly three years at 411.6 million barrels.
Crude production in the U.S. continues to inch closer to a new 10 million barrel-per-day record, which most market analysts expect the U.S. to hit sometime this year. Market observers remain cautiously optimistic about this year due to worries about growing production rates from large producers who are not participating in the OPEC production agreement. These producers, such as the U.S., could thwart OPEC efforts to rebalance supply.
Motorists can find current gas prices at GasPrices.AAA.com.
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