The average price for a gallon of regular gasoline in Lockport is down by about a penny to $2.989 per gallon, according to AAA East Central’s weekly Gas Price Report.
Many states in the Mid-Atlantic and Northeast region saw increases at the pump (New York, + 1 cent), and some saw prices remain the same. Only one state saw a modest decrease of one cent.
During July, total gasoline inventory levels in the region dropped from 66.4 million barrels to 64 million. The latest Energy Information Administration (EIA) numbers report inventories were drawn down by 1.2 million barrels – the largest draw of any region for the week ending July 27. With gasoline import numbers slowing, this region could see inventory levels really tighten and gas prices amplify despite having a year-over-year surplus.
This week’s average price for Lockport: $2.989
Average price during the week of July 30, 2018: $2.997
Average price during the week of August 7, 2017: $2.364
On the National Front
At 9.88 million barrels per day, gasoline demand last week was near an all-time record high according to the EIA. More so, the latest EIA data shows gasoline inventories tightening from 240 million barrels at the end of June down to 231 million at the end of July. The boost in demand and drop in inventory have driven the national gas price average to $2.87, which is the most expensive gas price seen in August since 2014. Should inventories continue to tighten, a pump price rally could manifest before summer’s end.
While today’s gas price average is one-cent more than last week, it is the same price as one month ago, yet 52-cents more than this time last year.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 47 cents to settle at $68.49. Oil prices made some gains last week, but are ending at a loss after EIA reported that total oil inventories across the country grew by 5.6 million barrels last week. The build in crude stocks was supported by crude exports falling to 1.31 million b/d.
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