The average price of regular gasoline in Lockport is holding steady this week at $2.985 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices continue to trend flat across the Mid-Atlantic and Northeast states. Inventories added a surprise for this time of year- landing at 837,000 barrels, according to the latest Energy Information Administration (EIA) data. The region was the only to see an inventory build over the week. At 64 million barrels in total, the region is sitting on a 1.5 million surplus, which is helping to keep gas prices flat and cheaper than earlier this summer.
This week’s average price for Lockport: $2.985
Average price during the week of August 27, 2018: $2.986
Average price during the week of September 5, 2017: $2.620
On the National Front
At $2.83, the national gas price average is trending lower toward gas prices that motorists haven’t seen since early May. Today’s national gas price average is one-cent less on the week, four-cents cheaper than last month, but still 19-cents more than a year ago.
Motorists took advantage of these stable and lower prices by driving gasoline demand to its highest level ever on record at 9.899 barrels for the week ending August 24, according to the EIA. But that spike is not expected to continue. With summer coming to a close, demand is expected to drop off in the coming weeks which means – barring any unforeseen circumstances – motorists can expect to see gas prices steadily decline.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 45 cents to settle at $69.80. Oil prices reflected modest gains last week, following the release of EIA’s report which showed U.S. crude inventories fell nearly 2.6 million barrels. The U.S. also saw gasoline production increase last week, averaging 10.2 million barrels per day and refinery capacity sitting at 93.6%. Another sign of increased U.S. production came with the gain of two oil rigs bringing the U.S. total to 862 according to Baker Hughes.
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