Ahead of what is expected to be the most traveled Independence Day on record, the average price of regular gasoline in Lockport is down by a penny over the week to $2.988 per gallon according to AAA East Central’s weekly Gas Price Report.
On the week, most motorists in the Mid-Atlantic and Northeast region saw pump prices drop by a penny or remain stable (New York, -1 cent). In the region, Connecticut ($3.08), New York ($3.01), Washington, D.C. ($3.01) and Pennsylvania ($3.01) carry the most expensive state gas price averages.
With a build of 1.2 million barrels, the Mid-Atlantic and Northeast region saw the largest build of any in the country. Sitting at 67 million, inventory measures at the highest level since June 2017 according to Energy Information Administration (EIA) data. The higher inventory levels are contributing towards cheaper gas prices.
This week’s average price for Lockport: $2.988
Average price during the week of June 25, 2018: $3.000
Average price during the week of July 3, 2017: $2.320
On the National Front
At $2.86, gas prices are at their highest point for an Independence Day holiday in four years. However, for the nearly 40 million motorists expected to travel this week, they will find prices at the pump 11-cents cheaper than this past Memorial Day holiday. The national gas price average has held fairly steady for the past 10 days, suggesting that U.S. demand is keeping pace with supply and stabilizing summer gas prices. However, elevated crude oil prices and other geopolitical concerns could tilt gas prices more expensive in the early fall despite an expected increase in global crude production from OPEC and its partners.
AAA is tracking the following factors that could impact pump prices through the fall:
- Domestic crude inventories: For the first summer driving season in five years, the U.S. has seen the largest one-week reduction (9.9 million barrels) in crude inventories. A consistent decline in supplies could spark higher gas prices.
- Crude production and exports: Refinery runs are at an all-time high and exports are at record levels, which impacts supply levels.
- Gasoline demand: The latest EIA data shows U.S. demand at 9.7 million b/d, one of the highest levels of the year, and could hit a new record with Independence Day holiday travel.
- Crude oil prices: Last week, crude oil hit $74/bbl – its highest level since 2014.
- Geopolitical concerns: Market observers are watching crude production levels in Libya and Venezuela amid economic woes in Venezuela, and details on the Iran sanctions – all of which are influencing market prices.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 70 cents to settle at $74.15. Crude prices reached new highs not seen since 2014 following developments that will impact supply in the coming months. These include: OPEC confirming that it will work with its partners to produce a record high 11 million barrels per day of crude in July: the U.S. seeking greater crude oil sanctions on Iran; and the continuing economic crisis in Venezuela.
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