Local gas prices now stand at $3.81 a gallon

ENP STAFF REPORTS
news@eastniagarapost.com

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Gasoline prices in the Lockport area dropped slightly to $3.814 a gallon in the last week, down from $3.824 a week ago, but still up sharply from the $3.636 they were this time last year, according to AAA.

As the nation approaches the official start of the summer driving season, drivers continue to see prices moving a little bit lower at the pump. Nationwide, the average price for regular unleaded gasoline is $3.64 per gallon, relatively unchanged over the past seven days. The average price at the pump is two cents less than one week ago, about three cents less than the same time last month and about a penny cheaper than the same date one year ago.

Political tensions between Russia and the Ukraine continue to keep global markets on edge and are being closely monitored by market watchers for any signs of escalation. Last Friday, President Putin sent a letter to European Union governments indicating that a disruption in supply may be on the horizon. Although analysts report the probability of a long-term disruption is relatively low, a cutoff of supply by Russia could have ripple effects that would be felt in Europe and the United States.  In formal trading on the NYMEX this morning, West Texas Intermediate (WTI) crude oil was at $102.57 per barrel as of Tuesday.

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