The average price of regular gasoline in Lockport is up by two cents to an average of $2.705 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
Motorists across the Mid-Atlantic and Northeast region are enjoying cheaper gas prices on the week, where local areas saw prices drop 1-2 cents. However, compared to one month ago, gas prices on average are 7 cents more expensive across the region. Moreover, New York ($2.76) remains among the nation’s top ten most expensive markets.
With a 1.6 million barrel build, regional gasoline inventories register at 65 million barrels. According to the Energy Information Administration (EIA), that is the largest increases of any region in the country. However, large inventory builds may not be common as Phillips 66 Bayway refinery turnaround is underway through at least this month and will reduce capacity temporarily.
This week’s average price for Lockport: $2.705
Average price during the week of February 5, 2018: $2.682
Average price during the week of February 13, 2017: $2.390
On the National Front
The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.
Every motorist in the country is paying more at the pump year-over-year. At 18 cents, Utah is seeing the smallest increase and California is feeling the biggest increase at 52 cents compared to the same time last year. On the week, U.S. consumer gasoline demand hit 9 million barrels-per-day. In 2017, demand did not reach this mark until early March, according to the EIA.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 35 cents to settle at $65.45. Last week’s losses, which were buoyed by a stronger dollar, may extend into this week after EIA’s latest weekly report revealed that crude inventories grew by an astonishing 6.8 million barrels-per-day.
The crude oil growth may give the market some pause as it assesses the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. Countries outside of the agreement, such as the U.S., have seen production grow as global demand has grown, enabling these countries to export more oil while OPEC and its allies reduce production.
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