The average price of regular gasoline in Lockport is three cents cheaper this week at $2.830 per gallon, according to AAA East Central’s weekly Gas Price Report.
Driving through the Mid-Atlantic and Northeast region, motorists will find gas prices on average at $2.65 with the most expensive at $2.89 in Pennsylvania, New York and Connecticut. The cheapest price is $2.42 in Tennessee.
Gas price declines this week were supported by a sizeable build in gasoline stocks – nearly 1.9 million barrels, bumping total inventories to 65.1 million bbl. In addition, regional utilization pushed up for a second week to nearly 94%. These moves will help to keep gas prices stable for now, and potentially move them cheaper in the month ahead.
This week’s average price for Lockport $2.830
Average price during the week of June 3, 2019 $2.869
Average price during the week of June 11, 2018 $3.004
On the National Front
Nearly every state’s gas price average is cheaper than a week ago, a month ago and a year ago. Today’s national average is $2.74, which is seven-cents cheaper than last week, 13-cents less than a month ago and 18 cents cheaper than a year ago. Refinery utilization in the United States is at its highest level since early January, resulting in overall gasoline stocks at healthy levels to meet robust summer demand. This, combined with cheaper crude oil, is bringing prices down nationwide.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by $1.40 to settle at $53.99. Crude prices increased on Friday after Saudi Arabia's Energy Minister Khalid al-Falih announced that OPEC and its partners are close to an agreement to extend their current 1.2-million b/d production reduction pact through the end of 2019. The cartel is expected to formally announce its decision at its upcoming meeting in Vienna on June 25 and 26.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.