The average price of regular gasoline in Lockport is four cents more expensive this week at $2.816 per gallon, according to AAA East Central’s weekly Gas Price Report.
On the week, prices increased as much as nine cents in the Mid-Atlantic and Northeast region. Statewide, the average price for gasoline across New York is five cents more expensive this week at $2.88.
After last week’s more than 3-million-barrel decline, regional gasoline stocks dropped by another 1 million barrels this week, as reported by the Energy Information Administration (EIA). Levels are tight at a total of 59.2 million barrels. However, expected imports in the weeks ahead should help to replenish supply, which could help balance retail prices.
This week’s average price for Lockport $2.816
Average price during the week of April 15, 2019 $2.777
Average price during the week of April 23, 2018 $2.798
On the National Front
With only a penny increase on the week, the national gas price average saw the smallest one-week jump since mid-February. For the last eight weeks, weekly jumps ranged anywhere between a nickel and a nearly a quarter. Thirty states saw pump prices increase or decrease by three cents or less, which helped keep the national average relatively steady.
While the slow-down in gas prices is a welcomed change by motorists, it could be temporary. Gasoline stocks nationwide continue to tighten, measuring below levels compared to the same time in the past three years. While imports are helping and West Coast refinery maintenance is nearly finished for the time being, it’s too early to know exactly how much these factors will steady prices, especially as the summer driving season approaches.
Due to Good Friday observance, markets were closed, but at the end of Thursday’s formal trading session on the NYMEX, West Texas Intermediate increased 24 cents to settle at $64.00. EIA data released last week reported total U.S. crude oil stockpiles dropped by 1.4 million barrels to 455.2 million. Crude imports to the U.S. also slowed: the most recent week's import rate of 5.992 million b/d is almost 2 million b/d lower than the same week last year. EIA also reported that total U.S. gasoline inventories dropped by 1.2 million barrels.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.