After eleven consecutive weeks of steady gas prices, Jamestown area motorists are seeing a six-cent decrease at the pump this week at an average of $2.981 per gallon, according to AAA East Central’s Gas Price Report.
Motorists across the Mid-Atlantic and Northeast region are all seeing cheaper prices on the week (New York, -3 cents). For a second week, the Energy Information Administration (EIA) reports that the region saw the largest draw in gasoline stocks in the country. Like last week, the decrease can be attributed to exports and a decrease in regional refinery utilization.
This week’s average price for Jamestown: $2.981
Average price during the week of October 29, 2018: $3.037
Average price during the week of November 6, 2017: $2.697
On the National Front
At $2.76, the national gas price average is at its cheapest in six months. On the week, motorists in every state except Hawaii are paying as much as a nickel less to fill-up. Today’s national average is six cents less than a week ago,15-cents less than a month ago – but still 24-cents more than a year ago.
This price drop is happening at a time that analysts previously thought prices would likely increases, as the White House’s re-imposes sanctions on Iran – some of which will target the country’s energy sector and impedes its ability to export oil. However, in May when the decision was announced (to take effect in November), the market reacted quickly with crude oil prices spiking as high as $77/barrel during the summer. At the same time, Iran’s exports began to dip.
With the market anticipating and reacting to the pending Iran sanctions throughout the summer, motorists may have seen the worst in terms of retail prices for the year. If the crude oil market remains steady, gas prices are likely to continue to fall in the near-term, though any unforeseen factors could disrupt this trend and cause an upward shift in crude oil prices.
Oil prices moved lower last week as total domestic crude inventories grew by 3.2 million barrels, according to the EIA’s latest weekly petroleum status report. Stocks now sit at 426 million barrels, which is 28.9 million fewer than this time last year, but the highest level since mid-June. Six consecutive weeks of steady growth in crude inventories has helped to check excessive increases in crude prices.
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