The average price of regular gasoline in Lockport is down by a penny to an average of $2.677 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
Across the Mid-Atlantic and Northeast region, gas prices dropped as much as 3 cents on the week in some states (New York, -1 cent).
Despite this week’s pump price decreases, every state in the region is paying more than at the same time last year. However, a handful are paying as much as 25 cents-per-gallon or more to fill up versus March 2017 (New York, +26 cents).
Gasoline inventories took a large 3.4 million barrel drop on the week, according to the Energy Information Administration (EIA). Regional inventory sits at 61.8 million barrels. The draw is not surprising given an increase in U.S. exports and that local Phillips 66 Bayway refinery continues maintenance.
This week’s average price for Lockport: $2.677
Average price during the week of March 5, 2018: $2.686
Average price during the week of March 13, 2017: $2.382
On the National Front
At $2.53, the national gas price average has held steady for nine days. Factors contributing to the flat price include increased gasoline production that has kept pace with higher than usual demand this winter. The latest EIA report shows that demand increased week-over-week, registering at 9.2 b/d – the highest gasoline demand level seen this year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) increased $1.92 to settle at $62.04. Earlier in the week, after EIA’s weekly report noted that crude oil inventories increased by 2.4 million barrels last week, WTI prices took a hit. Crude prices rebounded toward the weekend because of a strong rally alongside the stock market. The price of crude has the potential to slide this week amid the fact that U.S. crude production continues to boom.
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