The average price of regular gasoline in Lockport has come down by a penny over the week to an average of $3.004 per gallon, according to AAA East Central’s weekly Gas Price Report.
Motorists are enjoying cheaper gas prices at the pump across all states in Mid-Atlantic and Northeast region. Statewide, New York’s average price for a gallon of unleaded gasoline is about two cents lower than one week ago ($3.07).
Adding a substantial 2.2 million barrels to inventories, regional levels register at 67 million and are likely a factor driving gas prices down. However, despite the build, the region has a 2 million-inventory deficit compared to Energy Information Administration (EIA) data for this time last year.
This week’s average price for Lockport: $3.004
Average price during the week of June 4, 2018: $3.017
Average price during the week of June 12, 2017: $2.377
On the National Front
At $2.92, the national gas price average has dropped four cents since the beginning of June. Today’s average is three cents less than a week ago, six cents more than a month ago and 58 cents more expensive than a year ago. On the week, only eight states saw prices increase while all others dropped by as much as 13 cents or remained stable.
Dropping by 713,000 b/d, the EIA reports that demand registers (for the first time since mid-January) just under 9 million b/d. This is surprising, as levels have consistently measured above the 9 million mark every week in June since 2015.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 21 cents to settle at $65.74. Oil prices trended marginally lower last week following EIA’s report that crude production hit 10.8 million b/d last week. The estimate sets another weekly domestic record, which has been a reoccurring phenomenon in 2018. When compared to last year at this point, the U.S. is producing roughly 1.5 million b/d more this year.
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