Lockport Gas Prices Drop; National Demand at a Near Two-Year Low

Lockport 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 six cents cheaper this week at $2.626 per gallon, according to AAA East Central’s weekly Gas Price Report.

On the week, gas prices dropped three to five cents across all Mid-Atlantic and Northeast states (New York, - 4 cents).  The latest Energy Information Administration (EIA) data shows gasoline stocks built by 724,000 barrels in the region.  Analysts speculate this was a low and partially due to low import rates on the week.  Total stocks now sit at 61 million barrels.

This week’s average price for Lockport: $2.626
Average price during the week of January 3, 2019: $2.686
Average price during the week of January 8, 2018: $2.547

On the National Front
The latest EIA data registers gasoline demand at 8.6 million b/d for the week ending December 28 – the lowest level on record since February 2017.  Despite record motor vehicle travel for the holiday, demand was down nearly 900,000 barrels, suggesting that demand this winter could be lower than expected.

Today’s national gas price average is $2.24 and has declined for 12 weeks in a row.  The national average is three-cents cheaper on the week, 20-cents cheaper than last month and 25-cents cheaper year-over-year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 87 cents to settle at $47.96.  Oil prices were volatile last week, as market observers continue to believe that the global crude market is oversupplied.  Moreover, analysts are also wary of the impact a potential economic slowdown in 2019 could have on global crude oil demand.  In the coming weeks, market observers will look for indications that OPEC’s global pact with large non-OPEC crude producers (including Russia) will reduce crude production by 1.2 million b/d for at least the first six months of 2019, which may help reduce the growing global glut of crude.

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

-AAA-