For the second week in a row, the average price for a gallon of regular gasoline in Lockport is $2.997 per gallon according to AAA East Central’s weekly Gas Price Report.
Gas prices are volatile across the Mid-Atlantic and Northeast region, with the biggest changes in prices being +3 cents and -4 cents. Statewide, New York gasoline prices are the same week-over-week at $3.00/gallon.
With a nearly one million barrel decline, the region saw the largest drop in gasoline inventories in the country on the week, according to Energy Information Administration (EIA) data. Even still, at 65.2 million barrels, the region has a 3 million barrel inventory surplus compared to last year at this time which could continue to help stabilize gas prices in the region.
This week’s average price for Lockport: $2.997
Average price during the week of July 23, 2018: $2.995
Average price during the week of July 31, 2017: $2.322
On the National Front
As U.S. gasoline demand strengthened and supply declined, the national gas price average increased by two-cents on the week to land at $2.86. According to the latest EIA report, total crude inventories fell on the week and now register at 405 million barrels, which is 80 million lower than levels at the same time last year.
As crude and gasoline inventories tighten, motorists may see gas prices trend higher and remain volatile. On the week, pump prices increased as much as 11-cents for some states with others seeing decreases of up to four-cents.
While today’s gas price average is one-cent less than last month, it is 55-cents more than a year ago and crude oil prices are up $20/bbl compared to this time last year. At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate decreased 92 cents to settle at $68.69. Oil prices trended higher with the release of EIA's weekly report that total crude inventories fell by 6.2 million barrels and face a year-over-year deficit.
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