The average price of regular gasoline in Lockport remains about the same over the week at $3.000 per gallon, according to AAA East Central’s weekly Gas Price Report.
Statewide, New York’s gas average remains above the $3/gallon mark ($3.02). The Energy Information Administration’s (EIA) latest report shows that with a nearly 250,000 barrel build, regional inventories are sitting at some the highest levels of the year at 66 million and contributing to price drops in the region.
This week’s average price for Lockport: $3.000
Average price during the week of June 18, 2018: $2.999
Average price during the week of June 26, 2017: $2.367
On the National Front
At $2.85, the national gas price average is five cents cheaper than a week ago, 12-cents less than a month ago, but 58-cents more than a year ago. Gas prices have consistently been declining since Memorial Day. On the week, 49 states saw pump prices drop with and motorists in Indiana and Michigan saw double-digit declines.
Gas prices may be poised to drop even more following OPEC’s announcement that the cartel will increase production by 1 million b/d in the second half of 2018. However, that number may be revised closer to 600,000 b/d, as there is speculation that some producers will not be able to meet the quota increase. Regardless, the production increase could decrease crude prices and in turn drive down gas prices later this year. These changes would likely hit the pump in the U.S. sometime around late summer or early fall.
The cartel made the production decision after the U.S., China and India voiced support for an increase to prevent an oil deficit that could stifle economic growth in the latter half of 2018. The production increase will occur ahead of this December’s expected dissolution of OPEC's production reduction agreement, which has worked to reduce global oil supplies and increase the global price of crude since the beginning of 2017.
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