The average price of regular gasoline in Lockport held steady this week at $2.869 per gallon, according to AAA East Central’s weekly Gas Price Report.
Pump prices continue to push lower among all Mid-Atlantic and Northeast states, and for a second week, every state average is under $3/gallon. Pennsylvania ($2.95), Connecticut ($2.94), New York ($2.92) and Washington, D.C. ($2.89) carry the most expensive gas prices in the region.
The latest Energy Information Administration (EIA) data show a half a million-barrel decrease for the week ending May 24. The small draw helped to push gas prices lower in the region. Moreover, regional refinery utilization increased to 92% this week, which could translate into increasing inventory in the weeks ahead. This would be welcomed news for the region, which is currently holding its lowest level of inventory for the end of May since 2015.
This week’s average price for Lockport $2.869
Average price during the week of May 28, 2019 $2.866
Average price during the week of June 4, 2018 $3.017
On the National Front
Today’s national average is $2.81, which is two cents cheaper than last week, eight cents less than last month, and 13 cents less than last year. Across much of the country, motorists are saving as much as 23 cents/gallon to fill up as compared to last month.
The lowering cost of gasoline has been aided by cheaper crude oil. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate fell by $3.09 to $53.50. Crude prices suffered a major loss last week, the largest in six months, after new trade tensions emerged between the U.S. and Mexico, a key U.S. trade partner and a major supplier of crude oil. Moving into this week, growing global trade war fears will likely push crude prices down.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.