The average price of regular gasoline in Lockport is a penny cheaper this week at $2.686 per gallon, according to AAA East Central’s weekly Gas Price Report.
The New Year is off to a good start at the pump in every Mid-Atlantic and Northeast state compared to the beginning of 2018. Compared to this time last year, New York’s state average is five cents cheaper at $2.61. On the week, gasoline inventory levels held flat at 60 million barrels – as did regional refinery utilization (83 percent).
This week’s average price for Lockport: $2.686
Average price during the week of December 27, 2018: $2.701
Average price during the week of January 2, 2018: $2.547
On the National Front
At $2.25, the national gas average is the cheapest it’s been at the beginning of the New Year in the past three years. Moreover, gasoline is below $2/gallon in nine states. 29 state gas price averages are at or below the national average of $2.25 with Missouri touting the cheapest at $1.83. Hawaii ($3.34) carries the most expensive average.
The end of 2018 drove West Texas Intermediate crude oil prices to as low as $44/bbl, which is a steep $31 drop from the high of $77/bbl seen during June. Oil prices mostly fell last week, as market observers continue to believe that the global crude market is over-supplied. With OPEC production cuts slated to take effect this week, analysts will closely be watching the price of oil. Significant movement toward higher market prices would mean cheaper gas prices could be in the rearview mirror. However, AAA expects to see minimal volatility at the start of the cartel’s production cuts.
Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.
For More Information, Contact:
Jim Garrity, Public & Community Relations Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com