The average price of regular gasoline in Lockport held steady this week at $3.001 per gallon, according to AAA East Central’s weekly Gas Price Report.
Most Mid-Atlantic and Northeast states are seeing cheaper or steady gas prices on the week. Statewide, New York gas prices are down by a penny to $3.00.
A large 1.4-million-barrel build in gasoline inventories helped to keep gas prices mostly stable in the region. With the increase, total inventories measure at 70.6 million, which is the highest for the region in nearly two years. With the higher inventory, prices could move further downward or become more stable for motorists in the coming days.
This week’s average price for Lockport: $3.001
Average price during the week of October 8, 2018: $2.998
Average price during the week of October 16, 2017: $2.625
On the National Front
Most states have seen gas prices decrease on the week except for a handful, some of which were impacted by fuel disruptions on the west coast and in the southeast. At $2.89, the national gas price average is two-cents cheaper than a week ago. Today’s gas price average is four-cents more than a month ago and 42-cents more expensive than a year ago. Gas prices may be signaling that they are taking a turn toward slowly decreasing amid consumer demand declining for a third week.
Two events last week caused small spikes in retail prices, but those spikes were short-lived. On Wednesday, October 12, Hurricane Michael made landfall in Florida and subsequently caused retail fuel shortages along its path in Alabama, Florida, Georgia, North Carolina and South Carolina. Roadway clean-up efforts are underway and as power is restored, fuel deliveries will be a priority.
In addition, last week, a natural gas pipeline rupture in the Western Canadian province of British Columbia forced three Pacific Northwest (PNW) Puget Sound refineries to shut production units. Those refineries are beginning to resume normal operations, but states in the PNW saw spikes in gas prices that will likely last into the week.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 37 cents to settle at $71.34. Oil prices saw whiplash last week, falling in line with the major selloff that occurred for the Dow Jones Industrial Average. Crude prices may continue to climb this week as tensions in the Middle East take center stage, while U.S.-imposed sanctions on Iran’s energy sector continue to loom over the market.
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