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Wednesday, May 28, 2014

Local gas prices held at about $3.81 a gallon over the past week, according to AAA East Central.

The average Lockport price of $3.812 is just slightly lower than the $3.814 it was a week ago, but still 16 cents higher than the $3.652 gas prices were at this time last year.

Across the country, Memorial Day holiday saw drivers paying slightly more for gasoline than the previous two years – three cents more than in 2013 ($3.63) and two cents more than in 2012 ($3.64).

Elevated global oil prices have kept a relative floor under retail gas prices for motorists. Oil markets are keeping a close eye on simmering geopolitical tensions, most notably those in Ukraine and Libya, for any developments that might impact global supply.

Over the weekend Ukraine elected a new president, Petro Poroshenko, which some analysts had suggested would increase stability in the region. At the close of formal trading on the NYMEX on Tuesday, West Texas Intermediate (WTI) crude oil settled 24 cents lower at $104.11 per barrel. This marks the third straight week that WTI closed above the $100 per barrel threshold.

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