The average price of regular gasoline in Lockport remains at an average of $3.017 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
For the first time in months, pump prices decreased or held steady on the week for motorists in every state in the Mid-Atlantic and Northeast region. In the region, prices range from $2.70 (Tennessee) to $3.15 (Connecticut). Statewide, New York’s average for a gallon of regular gasoline is $3.09.
According to the Energy Information Administration (EIA), inventories dropped by nearly 525,000 barrels on the week in the Mid-Atlantic and Northeast region bringing totals to 64.7 million. At the start of the summer driving season, inventories are at a 3.7 million deficit compared to last year.
This week’s average price for Lockport: $3.017
Average price during the week of May 29, 2018: $3.016
Average price during the week of June 5, 2017: $2.380
On the National Front
Dropping by two-cents on the week, the national gas price average is $2.95. This is the first time there has been a decrease in the national average since mid-March. The drop, albeit it small, follows the latest EIA report showing consistently strong demand although it is running slightly below (100,000 b/d less) the same week last year. Today’s national average is 13-cents more than one month ago and 57-cents more than the beginning of June 2017. On the week, most states saw decreases or steady prices, while those that saw prices jump were mostly West Coast and Rockies states.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped $1.23 to settle at $65.81. Crude prices fell at the end of the week after the dollar gained amid news of added number of jobs across the country. Earlier in the week, crude prices rose briefly after EIA’s weekly petroleum report showed that crude inventories fell by 3.6 million bbl.
Last week, EIA also released final crude production rates for March 2018, revealing that it hit a record-breaking 10.47 million b/d. The rate increased by 223,000 b/d from February 2018. Continued growth in crude production may reduce crude prices as it signals that supply is growing alongside strong global crude demand. Baker Hughes, Inc. reported that the U.S. added two oil rigs last week, bringing the total to 861. The total is up by 128 rigs when compared to last 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