Lockport Gas Prices Inch Upward; Nationwide Supply and Demand “Falling”

New York, Gas Prices
Route 66 gas station by Marcin Wichary
Photo by Marcin Wichary https://www.flickr.com/photos/mwichary/ https://creativecommons.org/licenses/by/4.0/

The average price of regular gasoline in Lockport is up by fractions of a penny to $2.989 per gallon, according to AAA East Central’s weekly Gas Price Report.

On the week, gas prices are cheaper across the Mid-Atlantic and Northeast states.  However, compared to one month ago, gas prices fluctuate between two cents more expensive or cheaper across the region (New York prices are steady over the month).  Gasoline inventories declined by 1 million barrels on the week, according to the Energy Information Administration (EIA).  Sitting at a healthy 65.8 million barrels in total, the draw did not have a large impact on week-over-week gas prices.

This week’s average price for Lockport: $2.989
Average price during the week of September 17, 2018: $2.984
Average price during the week of September 25, 2017:  $2.719

On the National Front
Motorists in 32 states are welcoming cheaper or stable gas prices at the start of the workweek.  Today’s national gas price average is $2.85, which is the same price as last Monday, one-cent more than last month and 27-cents more expensive than this time last year.

The latest EIA data reports that both U.S. gasoline demand and stocks declined signaling supply and demand are in sync post-summertime.  This is true for most regions, except in the Great Lakes and Central region where prices are increasing due to maintenance at a handful of refineries.

At the close of Friday’s formal trading session on the NYMEX, the West Texas Intermediate increased 46 cents to settle at $70.78.  Oil prices jumped higher last week after EIA's report showed another decline in oil inventories, which now sit at 394.1 million bbl.  The supply drop from the previous week's 396.2 million barrel has put another spotlight on limited global supply as fall approaches.  If EIA's report this week shows another decrease in domestic crude stocks, oil prices are likely to continue their ascent amid continuing global supply concerns.

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

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