The average price of regular gasoline in Lockport is five cents cheaper this week at $2.908 per gallon, according to AAA East Central’s weekly Gas Price Report.
Across the Mid-Atlantic and Northeast states, gas prices are cheaper on the week (New York, -4 cents). Gasoline stocks dramatically declined by nearly 3 million barrels on the week to drop to 61.7 million, according to the Energy Information Administration (EIA). The large draw in stocks kept state gas price averages from seeing larger declines this week.
This week’s average price for Lockport: $2.908
Average price during the week of November 19, 2018: $2.957
Average price during the week of November 27, 2017: $2.616
On the National Front
On the week, the national gas price average has dropped seven cents to land at $2.56. As pump prices steadily decline, they are headed toward some of the cheapest gas prices in 2018. The national average was lowest in January at $2.49, while May brought the most expensive price of $2.97. Currently, 19 states have gas price averages less expensive than a year ago.
As U.S. gasoline demand remains low and supply plentiful, motorists may continue to save at the pump in December. However, spikes in the price of crude oil could offset these savings. Market observers warn crude could see an increase following the Organization of Petroleum Exporting Countries (OPEC) meeting on December 6 in Vienna, Austria. At that meeting, OPEC is expected to curtail crude production by 1 million to 1.4 million barrels per day, which could cause crude prices to rise due to reduced global supply.
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