The average price of regular gasoline in Lockport is up by three cents to an average of $2.682 per gallon this week, according to AAA East Central’s weekly Gas Price Report.
Four states in the Mid-Atlantic and Northeast region are 25-cents or less away from the $3/gal mark, including New York ($2.77). Prices have been on the rise across the country because of rising oil prices and unseasonably high demand.
For another week, gasoline inventory continues to register at 63 million barrels and only saw a slight build of 98,000. Overall, the Energy Information Administration (EIA) reports inventory levels for the region have held at or above 61 million barrels since the beginning of the year.
This week’s average price for Lockport: $2.682
Average price during the week of January 29, 2018: $2.655
Average price during the week of February 6, 2017: $2.403
On the National Front
The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.
Every motorist in the country is paying more at the pump year-over-year. At 18 cents, Utah is seeing the smallest increase and California is feeling the biggest increase at 52 cents compared to the same time last year. On the week, U.S. consumer gasoline demand hit 9 million barrels-per-day. In 2017, demand did not reach this mark until early March, according to the EIA.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 35 cents to settle at $65.45. Last week’s losses, which were buoyed by a stronger dollar, may extend into this week after EIA’s latest weekly report revealed that crude inventories grew by an astonishing 6.8 million barrels-per-day.
The crude oil growth may give the market some pause as it assesses the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. Countries outside of the agreement, such as the U.S., have seen production grow as global demand has grown, enabling these countries to export more oil while OPEC and its allies reduce production.
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