Lockport gasoline averages dropped by three cents this week to $2.625 per gallon, according to AAA East Central’s weekly Gas Price Report.
Overall, gas prices in the Mid-Atlantic and Northeast region are following the national trend downward and are expected to continue that path throughout the fall. Even though New York’s average is one of the highest in the region ($2.669), the average cost of gasoline is 15 cents less than one month ago.
This week’s average price for Lockport: $2.625
Average price during the week of October 9, 2017: $2.657
Average price during the week of October 17, 2016: $2.283
On the National Front
As the national gas price average drops just two cents on the week to $2.47, many states east of the Mississippi are paying as much as eight cents less at the start of this week. While gas prices are more expensive than a year ago, the past five weeks of sustained weekly declines indicate that demand may be leveling out alongside refineries and pipelines returning to pre-hurricane operations.
In September, Hurricane Harvey drove gas prices to the highest price of the year - $2.67. That was a 32-cent increase inside of 12 days. Now nearly seven weeks post hurricane, gas prices have shown steady decline dropping a total of 20 cents since September 11, 2017.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 85 cents to settle at $51.45. Moving into Monday and the rest of the week, oil prices may continue their upward trend. EIA’s latest report showed a 2.7 million barrel decline in crude oil stocks, which correlates with seeing an increase in gasoline stocks around the country. On the U.S. crude oil production side, the EIA report noted that there was an 87,000 b/d decline in production rates in the lower 48 states. That news followed Baker Hughes, Inc. reporting that the U.S. dropped 5 oil rigs last week, landing at a total of 743. When combined, both data points (crude production and oil rigs) may point toward reduced U.S. crude production and its potentially reduced contribution to global supply, which may help bolster the price per barrel of oil as the fall continues.
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. 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