The average price of regular gasoline in Lockport has jumped almost five cents over the week to an average of $2.964 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices are 3- to 7-cents more expensive on the week for Mid-Atlantic and Northeast states. New York and Connecticut both saw the largest jump of seven cents.
Today, 14 states tout an average of $3.00 or more. This count includes New York ($3.07).
Despite a nearly 675,000 barrel draw, inventories continue to measure above the 63 million barrel level. That being said, compared to this time last year, inventories are at a 7 million barrel deficit in the Mid-Atlantic and Northeast region.
This week’s average price for Lockport: $2.964
Average price during the week of May 14, 2018: $2.917
Average price during the week of May 22, 2017: $2.376
On the National Front
Gas prices jumped 12 cents over the past 14 days, and six-cents since last Monday, landing the national average at $2.93 – the highest price point going into the Memorial Day weekend since 2014.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate fell 21 cents to settle at $71.28. Oil prices edged higher last week following the release of Energy Information Administration’s (EIA’s) weekly petroleum report that showed total crude inventories dropped by 1.4 million barresl. If this week’s EIA report shows another inventory draw, we can expect crude prices to continue climbing.
Additionally, at 2.57 million barrels per day, crude exports last week saw the highest rate ever recorded by EIA. The new record rate was 690,000 barrels per day more than the previous week and 1.48 million barrels per day more than this time last year.
Although the U.S. did not add any active oil rigs last week, according to Baker Hughes, Inc., the current total – 844 – is 124 more rigs than this time last year.
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
-AAA-