Lockport gasoline averages dropped by a penny this week to $2.595 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices are volatile in the Mid-Atlantic and Northeast region. According to the Energy Information Administration (EIA), gasoline inventories dropped by 1 million on the week to a total of 56.9 million barrels in the region - a 6 million barrel deficit compared to this time last year. In the aftermath of Hurricanes Harvey and Irma, the region shipped inventory to hard-hit areas in the South and Southeast and with a recent uptick in exports, overall inventories are tightening.
This week’s average price for Lockport: $2.595
Average price during the week of October 23, 2017: $2.605
Average price during the week of October 31, 2016: $2.290
On the National Front
At $2.47, today’s national gas price average is one cent more on the week. Gas prices are fluctuating across the country with 25 states paying more, 17 states paying less and nine states staying stable on the week for a gallon of regular gasoline. Despite the fluctuation, the national average gas price should decrease as the holidays approach.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate closed at $53.90/barrels, with a gain of $1.26 for the day. Oil prices may continue pushing higher this week, following the release of EIA’s latest report that showed exports of U.S. crude surpassed 1.9 million b/d for the second time in the last four weeks. The growth in exports has helped the price gain amid concerns that global supply is tightening as OPEC’s production reduction agreement has greater influence over the oil market.
Additionally, total U.S. crude inventories rose by 900,000 barrels as inputs to refineries rose by 609,000 b/d. The refinery increases are likely due to production levels stabilizing above 16 million b/d after restarts of several Gulf Coast as a precaution ahead of Hurricane Nate's landfall earlier this month.
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