The average price of regular gasoline in Lockport added nearly six cents over the week to an average of $2.761 per gallon, according to AAA East Central’s weekly Gas Price Report.
Gasoline inventories in the Mid-Atlantic and Northeast region jumped for a second week, adding a substantial 3 million barrels, according to the latest Energy Information Administration (EIA) data. This was the only build in inventories of any region in the country on the week. With the upward notch, total gasoline inventories register just above the 61 million barrel mark.
This week’s average price for Lockport: $2.761
Average price during the week of April 9, 2018: $2.706
Average price during the week of April 17, 2017: $2.477
On the National Front
At $2.71, gas prices are at their most expensive point in nearly three years and continue to climb. On the week, the national average increased a nickel. Motorists in six west coast states are paying more than $3/gallon. Across the country, only 27 percent of gas stations are selling gas for $2.50 or less. Moreover, today’s gas price average is 18-cents more than a month ago and 30-cents more than a year ago.
Expensive crude oil prices, unrest in the Middle East, and strong domestic demand are some of the factors that are driving Spring gas prices higher. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate (WTI) settled at $67.39. Last week, WTI traded at the highest levels since December 2014 and are expected to continue to build momentum this week.
In its latest report, EIA data for the week ending on April 6 shows domestic crude production in the U.S. hit a new record high of 10.53 million b/d. The increased output led crude storage levels to grow by 3.3 million barrels to 428.6 million. With Baker Hughes, Inc. reporting that the U.S. added seven oil rigs last week – bringing the total to 815 – crude production in the U.S. is likely to continue growing.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
AAA East Central is a not-for-profit association with 80 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