The average price of regular gasoline in Lockport is about five cents cheaper this week at $2.839 per gallon, according to AAA East Central’s weekly Gas Price Report.
Statewide, gas prices are about four cents cheaper this week in New York ($2.74). Refinery utilization across the Mid-Atlantic and Northeast region has increased to 93 percent, and inventory has been building. Total gasoline stocks continue to measure above the 61-million-barrel mark for the third week, which is nearly a 3 million surplus year-over-year.
This week’s average price for Lockport: $2.839
Average price during the week of December 3, 2018: $2.893
Average price during the week of December 11, 2017: $2.614
On the National Front
Today’s national gas price average of $2.42 is the lowest pump price of the year, a price point not seen since mid-December last year. The average sits at four cents cheaper than last week, 28-cents cheaper than last month and four cents less than last year. The last time the national average was cheaper on the week, month and year was during July 2017.
With crude oil prices trending cheaper, motorists can expect the national gas price average to continue to drop. However, pump prices this cheap may not last into 2019. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) announced that the cartel and non-OPEC members, including Russia, will reduce production by 1.2 million b/d for the first six months of the year. While the decision will help to reduce the high level of global crude supply, the move has the potential to increase oil and gas prices. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.12 to settle at $52.61. Oil prices rallied at the end of last week after OPEC’s announcement.
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