Lockport Gas Prices Inch Downward
Lockport area gas prices fell by less than a penny this week to $2.376 per gallon, according to AAA East Central’s weekly Gas Price Report.
On the National Front
Today’s national average price at the pump is $2.29 per gallon. This is the same price as compared to one month ago, but just fractions of a penny below one week ago and 25 cents per gallon more than the same date last year. The average pump price has decreased nine of the past 10 days.
Prices in much of the Mid-Atlantic and Northeast remain relatively steady on the week. Regional gasoline inventories remain low as the region continues to remove winter-grade gasoline from the system. Pump prices in the region will likely begin to climb around April 10, when gasoline RVP in the New York market makes the official shift to summer-grade blends.
On Sunday, a joint committee of ministers representing OPEC and non-OPEC countries asked the OPEC Secretariat to examine the market and consider a possible production cut extension beyond the original six- month agreement. Last year, OPEC and non-OPEC countries agreed to cut their output by 1.8 million barrels a day for six months starting in January 2017. The Secretariat is expected to provide a recommendation in April, well before the current agreement is set to expire in June.
Today the market opened posting losses, as traders doubt the ability of OPEC and other major oil producers to rebalance the market. OPEC’s announcement to consider extending production cuts follows news from EIA showing a crude oil build of 5 million barrels for the week ending March 17. That increase brings U.S. inventory levels to a total of 533.1 million barrels. Additionally, Baker Hughes’ reports that the U.S. added 21 oil rigs last week, bringing the country’s total rig count to 652.
The combination of OPEC efforts to rebalance the market and increased U.S. production continues to put pressure on crude oil futures, holding prices below $50 a barrel. Next month, market watchers will pay close attention to the OPEC Secretariat’s upcoming recommendations on whether to extend production cuts beyond June. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate was up 27 cents to settle at $47.97 per barrel.
This week’s average price for Lockport $2.376
Average price during the week of March 20, 2017 $2.382
Average price during the week of March 30, 2016 $1.996
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.
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.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com