The average price of regular gasoline in Lockport is about six cents cheaper this week at $2.776 per gallon, according to AAA East Central’s weekly Gas Price Report.
State gas price averages are $2.70 or cheaper across the Mid-Atlantic and Northeast region; on the week, gas prices are up to six cents less. Heading into the holidays, gas prices are as much as 15-cents cheaper year-over-year in the region.
Energy Information Administration (EIA) data shows that the region has seen gasoline stocks mostly decline since early October. On the week, stocks fell by 1.9 million barrels dropping total levels to 59 million barrels. The drop comes as refinery utilization in the region fell from 93 percent to 85 percent
This week’s average price for Lockport: $2.776
Average price during the week of December 10, 2018: $2.839
Average price during the week of December 18, 2017: $2.610
On the National Front
At $2.37, the national gas price average continues to drive toward the cheapest pump prices seen during the month of December since 2016, which is welcome news for the millions of Americans expected to begin holiday travel later this week.
The national average is a nickel less than last week, 26-cents less than last month and six-cents less than a year ago. With gasoline production on the high side – 10 million barrels per day - amid low demand, motorists can expect gas prices to continue declining through year-end.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased $1.38 to settle at $51.20. Oil prices mostly fell last week as market observers continue to worry that the global crude market is oversupplied.
Crude inventories around the country slid another 1.2 million barrels, according to new data released by EIA. With domestic inventories now falling and Organization of the Petroleum Exporting Countries’ (OPEC’s) production reduction agreement set to take effect in early 2019, crude prices could increase early next year. If they do, motorists will likely see pump prices increase.
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