Lockport Gasoline Prices Increase; Inventory Tightens Nationwide

Lockport New York, Gas Prices
Picturesque gas station by Wonderlane
Photo by Wonderlane https://www.flickr.com/photos/wonderlane/ creativecommons.org/licenses/by/4.0/  

The average price of regular gasoline in Lockport is two cents more expensive this week at $2.649 per gallon, according to AAA East Central’s weekly Gas Price Report.

The Mid-Atlantic and Northeast region saw moderate fluctuations on the week (New York, +2 cents).  For a second week, the region was the only to see gas stocks build.  Moreover, the region is the only one in the country to have a year-over-year surplus of gasoline, sitting at 8.2 million higher than last year.  With this week’s build of 572,000 barrels, total stocks sit at 64.5 million according to Energy Information Administration (EIA) data.

This week’s average price for Lockport:  $2.649
Average price during the week of March 25, 2019: $2.624
Average price during the week of April 2, 2018: $2.711

On the National Front
Today’s national gas price average is $2.69, which is a 44-cent increase since New Year’s Day.  Today’s average is seven-cents more expensive than last week, 27-cents more than last month, and four cents more expensive than last year.  Gasoline stocks have been steadily decreasing since early February, and motorists have been seeing spikes at the pump that could continue in the weeks ahead.  On the week, 26 states saw gas prices increase a nickel or more with states in the West Coast, Great Lakes and Central region seeing the largest jumps.

At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 84 cents to settle at $60.14 – the highest closing price seen this year.  Oil prices increased last week as the market expects further tightening in global supply as a result of OPEC’s 1.2 million b/d production cut, and the U.S. imposing sanctions on Iranian and Venezuelan crude exports.  Moving into this week, prices will likely continue their ascent, with the combined effect of the tightening in the global crude oil market overshadowing concerns that the global economy is slowing, which could decrease global crude demand during the second half of 2019.

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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