At the unofficial kick-off to the summer driving season, the average price of regular gasoline in Lockport a penny cheaper this week at $2.866 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices continue to trend cheaper across the Mid-Atlantic and Northeast states, with all averages now under $3/gallon (New York, $2.94). The Energy Information Administration’s (EIA) latest data shows the region saw a significant build in gasoline stocks – 3.8 million barrels – to total 63.7 million. The much-needed increase helped cut the year-over-year deficit in half, now at 1.6 million barrels less than this time last year. With the nation seeing increased demand, inventory will need to continue to build to keep gas prices decreasing and/or stable.
This week’s average price for Lockport $2.866
Average price during the week of May 20, 2019 $2.873
Average price during the week of May 28, 2018 $3.016
On the National Front
For the 37.6 million Americans who hit the road this past Memorial Day weekend, the vast majority found savings at the pump compared to last year’s holiday. Today, 42 states and Washington, D.C. have gas price averages that are less expensive year-over-year, with Floridians (-31 cents) seeing the largest yearly change. Motorists in West Coast states are the exception, paying nearly double-digits more than last May to fill up.
Gas prices have declined, on average, by at least a nickel for most the country since the beginning of May, and the trend could continue into June. Stable crude oil prices are helping to push prices down at the pump despite tight domestic gasoline supply and robust demand. Today’s national average is $2.82, which is cheaper than last week by two cents, last month by six cents and last year by 16 cents.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased by 72 cents to settle at $58.63. Overall, crude prices saw a loss last week, following release of EIA’s weekly petroleum status report that showed total domestic crude inventories rose by 4.8 million barrels. At 476.8 million, the current level is the highest since July 2017.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.