The average price of regular gasoline in Lockport is down by a penny again this week to an average of $2.668 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices are volatile in the Mid-Atlantic and Northeast region. On the week, prices pushed upwards by as much as a nickel in some areas while decreasing by a penny in New York. Other states saw prices remain stable over the past seven days.
New York ($2.69) gas prices are among the most expensive in the region, and they land on list of the top 10 most expensive in the country this week.
With a 2.4 million barrel decline, the Mid-Atlantic and Northeast region saw the largest decline in the country on the week, according to Energy Information Administration (EIA) data. Gasoline inventories now sit at their lowest level of the year at 59.4 million barrels.
This week’s average price for Lockport: $2.668
Average price during the week of March 12, 2018: $2.677
Average price during the week of March 20, 2017: $2.382
On the National Front
Consumer gasoline demand is at the highest level on record for March. According to the EIA latest report, demand measured at 9.6 million barrels-per-day – levels typical of summer months, not the first quarter of a year. U.S. exports continue to trend high, accounting for a large chunk of this week’s demand data.
Today’s national gas price average of $2.55 is two cents more than a month ago and more than a quarter (26 cents) higher than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.15 to settle at $62.34. Crude prices rallied last week after the International Energy Agency’s (IEA) latest monthly oil market report showed that global crude demand is expected to increase to 99.3 million barrels-per-day, an increase of 1.5 million over 2017’s rate of 97.8 million. The report also noted that global supply reached 97.9 million b/d last month, which was fueled by growth in domestic production in the U.S. The figure is 700,000 b/d higher than last year’s rate at this time. These findings gave the market some hope that although crude production is booming in the U.S., the newly produced oil will help meet global demand instead of helping global inventories grow.
The latest weekly U.S. crude production rate record – 10.4 million b/d – was set last week, according to EIA. That rate is likely to continue growing, supported by growth in the number of active oil rigs in the country. Last week, Baker Hughes reported an increase of four rigs. The total is now 800, which is 169 more than last year at this time.
Motorists can find current gas prices at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 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