Lockport gasoline averages held this week at $2.597 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gas prices continue to be volatile in the Mid-Atlantic and Northeast regions with motorists either paying more or seeing stability at the pump. Not one state saw a decrease. With a 2.9 million barrel decrease in inventory, the region saw the biggest drop of any in the country. With nearly 54 million barrels, inventory is nearing some of the lowest levels of the year. As supplies tighten, it brings a nearly 7 million barrel deficit compared to this time last year.
This week’s average price for Lockport: $2.597
Average price during the week of October 30, 2017: $2.595
Average price during the week of November 7, 2016: $2.311
On the National Front
According to the Energy Information Administration (EIA), the latest gasoline demand measurement is the highest for the end of October since 2006. At $2.53, today’s gas price is six cents more than a week ago, two cents more than a month ago and 31 cents more than a year ago. The national gas price average during the second half of October was relatively stable, fluctuating a penny or two until October 31. Since then, the national price has seen upward movement, primarily resulting from increased demand and tightening supply.
Last week, West Texas Intermediate hit a new 2017 high at $54.54 and the market will likely build on those gains this week. At the close of Friday’s formal trading session on the NYMEX, WTI settled up $1.10/bbl at $55.64/bbl. The latest EIA report showed major inventory draws and increased exports, both of which have helped push oil prices higher. All of this news has given market observers renewed confidence in seeing oil prices pushing higher as supplies appear to grow tighter and demand remains strong.
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