The average price of regular gasoline in Lockport is up by two cents this week to an average of $2.691 per gallon, according to AAA East Central’s weekly Gas Price Report.
In the Mid-Atlantic and Northeast region, every state is paying more on the week. New York ($2.73) touts some of the most expensive prices in the region and could trend closer to the $3/gallon mark this spring.
Gasoline inventories increased by a small 206,000 barrels on the week, but still sit at 59.7 million. This is the first year since 2014 that March inventories sit below 60 million barrels. Year-over-year, inventories are at an 8.5 million barrel deficit in the region, according to EIA data.
This week’s average price for Lockport: $2.691
Average price during the week of March 19, 2018: $2.668
Average price during the week of March 27, 2017: $2.376
On the National Front
With the arrival of spring, gas prices are more expensive nationwide. The national gas price average is $2.61, which is a nickel more expensive on the week. Six states are seeing double-digit increases: Idaho (+16 cents), Utah (+14 cents), Delaware (+13 cents), New Mexico (+12 cents), South Carolina (+10 cents) and Maryland (+10 cents). As prices soar, the (EIA) reports that demand dropped to 9.3 million b/d as gasoline stocks dipped (1.7 million b/d) on the week.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.58 to settle at $65.88. The futures market for crude oil rallied last week after EIA's report revealed crude inventories fell for the third consecutive week. Crude oil inventories dropped 2.6 million barrels from the previous week, and storage levels across the country now total 428.3 million barrels. When compared to last March, current domestic crude inventories are 104.8 million barrels lower. This year-over-year change could be attributed to higher than usual gasoline demand in the U.S. for this time of the year, which has also coincided with growing crude and gasoline exports from the U.S.
Motorists can find current gas prices nationwide, statewide, and countywide 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