Lockport Gas Prices Increase as Tightening Inventory Drives Prices Upward Nationwide

Lockport New York, Gas Prices
Gas pumps by Natalie Maynor
Photo by Natalie Maynor https://www.flickr.com/photos/nataliemaynor/ creativecommons.org/licenses/by/4.0/  

The average price of regular gasoline in Lockport is two cents more expensive this week at $2.505 per gallon, according to AAA East Central’s weekly Gas Price Report.

In the Mid-Atlantic and Northeast region, gas prices range from $2.28 (Virginia) to $2.67 (Pennsylvania).  Statewide, gasoline is on average six cents more expensive across New York at $2.59. 

Since the beginning of February, regional gasoline stocks have decreased by 6.3 million barrels due to ongoing planned and unplanned refinery maintenance.  As stocks diminished, total inventory tightened to 64.9 million barrels – one of the lowest levels seen in the region this year.  However, inventories are at a year-over-year surplus of 3.1 million barrels, according to Energy Information Administration (EIA) data.

This week’s average price for Lockport:  $2.505
Average price during the week of March 4, 2019: $2.483
Average price during the week of March 12, 2018: $2.677

On the National Front
On the week, the national gas price average and that of 26 states jumped a nickel or more.  The national average has been steadily increasing for the last three weeks, currently sitting at $2.47.  During that time, gasoline inventory has gradually decreased while demand has started to increase and crude oil prices have fluctuated.  Combined, these factors are driving up gas prices across the country.  Today’s gas price average is a nickel more than last week, 20 cents more expensive than a month ago, but five cents less than last year.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped 59 cents to settle at $56.07.  Oil prices fell at the end of last week following the release of lower-than-expected job growth data in the U.S. and continued concerns that a slowing global economy could bring weaker global crude demand later this year.  Moving into this week, crude prices may rise as the global crude supply tightens due to OPEC’s 1.2 million b/d production reduction agreement in place through at least June 2019 and U.S-imposed crude export sanctions on Iran and Venezuela.

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 and Legislative Affairs Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com

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