The average price of regular gasoline in Lockport is down by a penny to an average of $2.686 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
Gas prices increased in only two states in the Mid-Atlantic and Northeast region on the week, while decreasing 1 to 3 cents in the others (Pennsylvania, -2 cents) (New York, -1 cent).
Gasoline inventories remain above the 65 million barrel mark despite a second week of declines. The region is facing a 10 million barrel deficit compared to this week last year, according to Energy Information Administration (EIA) data.
This week’s average price for Lockport: $2.686
Average price during the week of February 26, 2018: $2.695
Average price during the week of March 6, 2017: $2.384
On the National Front
Following three weeks of pump price declines, half of the country is seeing gas prices climb as much as 9 cents on the week. At $2.53, the national gas prices average is one cent more than last Monday with 25 states seeing gas prices increases. That being said, 63% of motorists in the United States can fill up for $2.50/gallon or less.
Today, gas prices are 8 cents cheaper from last month. However, they are still 22 cents more expensive than this time last year.
After losses throughout last week, West Texas Intermediate increased 26 cents to settle at $61.25 at the close of Friday’s formal trading session on the NYMEX. The losses earlier in the week came after EIA's petroleum report revealed that crude oil inventories grew by 3 million barrels last week. Moreover, crude runs at refineries inched up to 15.9 million barrels per day, marking slower than expected growth. At the same time, domestic crude production continues to boom at 10.3 million b/d, which could cause inventories to continue to increase.
Motorists can find current gas prices at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 81 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