The average price of regular gasoline in Lockport is holding steady this week at $2.883 per gallon, according to AAA East Central’s weekly Gas Price Report.
On the week, every state in the Mid-Atlantic and Northeast region is paying less at the pump, with prices as much as six cents cheaper than last Monday. Pennsylvania ($3.02) carries the most expensive, and Tennessee ($2.57) carries the least expensive gasoline in the region. Statewide, gasoline is two cents cheaper in New York ($2.95).
With a nearly 1.1-million-barrel build, gasoline stock levels for the region measure at 60.6 million. Energy Information Administration (EIA) data reports this is the highest level since the end of March. The build, which was due in part to imports, helped to stabilize prices in the region on the week as regional refinery utilization plummeted from 92.5 to 83.9%. Refinery reports show that unplanned and planned maintenance is wrapping up, which should help to push utilization back up in coming weeks.
This week’s average price for Lockport $2.883
Average price during the week of May 6, 2019 $2.889
Average price during the week of May 14, 2018 $2.917
On the National Front
Gas prices are slowly but steadily declining across the country, pushing the national average down three cents on the week to $2.86. Today’s average is four cents cheaper than last month and the same price as one year ago. In fact, 25 states have gas price averages that are just a nickel or less expensive than this time last year.
Gas prices are decreasing despite the Energy Information Administration’s (EIA) latest reports which show an increase in demand to summer-like levels and a decrease in gasoline stocks. The move to cheaper gas prices indicates that demand and supply are potentially leveling out. Though prices have been declining, there are factors that could quickly push up prices in the coming weeks, including the impact of Chinese tariffs, weather, a major draw in gasoline stock levels, a spike in demand or the volume of Memorial Day weekend travel. Pump price movements this week will indicate if motorists will continue to see cheaper gas prices or if this was just a one-week fad.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased four cents to settle at $61.66. On the week, crude prices have moved lower because of global concerns around trade negotiations between the U.S. and China. This, plus reports that two Saudi oil tankers were attacked in the Strait of Hormuz are likely to keep prices volatile this week.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.