The average price of regular gasoline in Lockport is three cents lower this week at $2.504 per gallon, according to AAA East Central’s weekly Gas Price Report.
On the week, gas prices are one to three cents cheaper for every state in the Mid-Atlantic region. Statewide, New York gasoline is about two cents cheaper at $2.49.
As the region’s refineries prepare for planned maintenance and the production of summer-blend gasoline, the Energy Information Administration (EIA) reports utilization dropped from 88.6 to 72.4 percent for the week ending January 25. Despite the lower operating rate, stocks increased nearly 1 million barrels to register at 69 million barrels. The healthy supply should help to keep gas prices stable for motorists in the region. Over the weekend, a crude unit fire at PBF Energy refinery in Delaware City, Del., required several fire companies to bring it under control. It’s unclear the overall damage and impact the fire has had to the refinery.
This week’s average price for Lockport: $2.504
Average price during the week of January 28, 2019: $2.534
Average price during the week of February 5, 2018: $2.682
On the National Front
For most states, gas prices are starting off the first week in February cheaper than the last week in January. On the week, only eight states saw gas prices increase which is a big shift from the week prior, which saw increases for 25 states. With most state gas price averages decreasing, the national gas price average held flat at $2.26.
For the week ending Jan 25, the EIA reported U.S. gasoline demand at 9.6 million b/d. The last time the rate was this high was during the 2018 Labor Day weekend. As the EIA rate is an estimate, it’s considered preliminary and the agency may revise it later this year when it releases final figures for the month. If the estimate is not revised, one reason for the jump could be the extreme cold weather seen last week. The weather may have prompted many motorists, especially in the mid-west, to fill-up ahead of the storm.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate increased $1.47 to settle at $55.26. Oil prices mostly increased last week, following indications of tightened global supply this year. Alongside OPEC’s production reduction agreement of 1.2 million b/d for the first six months of 2019, the recently announced U.S.-imposed crude export ban on Venezuela has made market observers worry that global crude supplies will shrink and rebalance prices.
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