The average price of regular gasoline in Lockport is the same as it was last week at $2.483 per gallon, according to AAA East Central’s weekly Gas Price Report.
Motorists in the Mid-Atlantic and Northeast region saw gas prices moderately increase on the week. With gas prices ranging from $2.20 to $2.64, the region is the only one to have states appearing on both the top 10 most and least expensive states in the country. Across the Empire State, gasoline is about a penny more expensive at an average of $2.53 per gallon.
After two weeks of decreases, gasoline inventories built by a healthy 1 million barrels this week to 68.6 million, per Energy Information Administration (EIA) data. However, refinery utilization continues to trend downward. Much of this can be pinpointed to ongoing planned and unplanned maintenance throughout the region. It’s likely that gasoline imports and lower demand (due to colder weather) have helped to keep price fluctuations moderate.
This week’s average price for Lockport: $2.483
Average price during the week of February 25, 2019: $2.486
Average price during the week of March 5, 2018: $2.686
On the National Front
Today’s national average is $2.42, which is three-cents more expensive than last week and 17-cents more expensive than a month ago, but 10-cents cheaper than a year ago. Pump prices have pushed higher this week due to reduce gasoline stock levels and a nationwide increase in demand.
The national gas price average has increased nearly 20-cents since the beginning of the year, which is the largest jump during the January-February timeframe since 2015. Pump prices rose steadily across the country in February, a month that saw many refineries undergoing planned and unplanned maintenance, and an increase in crude oil prices.
At the close of Friday’s formal trading session on the NYMEX, West Texas Intermediate dropped $1.42 to settle at $55.80. Oil prices took a downward turn last week due to concerns that global crude demand may be lower than expected. Moving into this week, crude prices may rise on optimism that the United States and China are closer to a deal that resolves the ongoing trade spat between two of the world’s largest economies. Tightened global supply due to OPEC’s 1.2 million b/d production reduction agreement (which will be through June 2019) and decreased crude exports from Venezuela and Iran could also help prices increase.
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 and Legislative Affairs Manager
Desk: 412-365-7274 / Cell: 412-905-9021 / Email: Garrity.James@aaaec.com