The average price of regular gasoline in Lockport held steady this week at $2.995 per gallon, according to AAA East Central’s weekly Gas Price Report.
On the week, pump prices are as much as a dime cheaper across Mid-Atlantic and Northeast states. Statewide, gasoline is two cents cheaper this week in New York ($2.98).
With a decrease of 602,000 barrels, gasoline inventories in the region register right at the 70 million mark, according to Energy Information Administration (EIA) data. The region is sitting on a 12.1 million year-over-year surplus, underscoring the nation’s high gasoline production rates this year.
This week’s average price for Lockport: $2.995
Average price during the week of October 15, 2018: $3.001
Average price during the week of October 23, 2017: $2.605
On the National Front
Motorists across the country are seeing gas prices more than a dime cheaper than last week, with 41 states having less expensive state averages on the week. The national gas price average is $2.85, which is six-cents cheaper than this month’s highest price of $2.91 – the most expensive average during the month of October since 2014. As nationwide gasoline inventories remain mostly stable, lower demand has been a contributing factor in recent weeks driving gas prices down.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased 47 cents to settle at $69.12. The crude market mostly saw losses last week following EIA’s latest weekly petroleum report, which showed domestic crude inventory grew for the fourth consecutive week to the highest level since late June. The larger-than-expected growth shocked the market, leading crude prices to fall. AAA is monitoring concerns over upcoming U.S.-imposed sanctions on Iran’s crude exports, which could affect the price of oil.
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