Lockport gasoline averages dropped by two cents this week to $2.605 per gallon, according to AAA East Central’s weekly Gas Price Report.
The latest Energy Information Administration (EIA) report shows that gasoline supplies in the Mid-Atlantic and Northeast region dropped 300,000 barrels, which is likely due to growing U.S. exports. Despite the recent declines, overall inventories are up, reaching 17 million barrels as of last week.
This week’s average price for Lockport: $2.605
Average price during the week of October 16, 2017: $2.625
Average price during the week of October 24, 2016: $2.290
On the National Front
The average price at the pump has fallen for 15 of the last 20 days, for a total savings of seven cents per gallon. The national average currently sits at $2.46 per gallon, which is one cent less than one week ago, 12 cents less than one month ago and 24 cents more year-over-year. The national average is down 17 cents per gallon versus the 2017 peak price reached in September ($2.67).
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 18 cents to settle at $51.47. As the week progresses, the oil market appears poised to continue making gains. Last week's EIA report noted a drop in crude inventories by 5.7 million barrels. The decrease is likely due to crude exports increasing to 1.8 million barrels per day, according to EIA. Moreover, as expected, crude oil demand in the U.S. is down by 1 million b/d from last year, while total crude inputs at U.S. refineries dropped by 819,000 b/d.
Additionally, the U.S. rig count fell by 7, with the latest decline leaving 736 rigs active in the U.S., according to Baker Hughes, Inc. All of this data points toward weak domestic demand and decreased production of crude. As domestic crude demand slows, the ability to sell crude outside of U.S. markets through exports has helped push the price higher.
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