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Tuesday, June 24, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Local gas prices rose about three cents in the last week according to AAA East Central. This week’s average price per gallon in Lockport is $3.816, up from $3.785 a week ago and 13 cents higher than the $3.689 it was the week of June 25, 2013.
The national price for regular unleaded gasoline is $3.68 per gallon, which is the highest price for early summer in six years. The average price at the pump has increased for 13 consecutive days for a total of four cents per gallon, narrowing the gap between the current retail price and the 2014 peak of $3.70 per gallon reached on April 28. Today’s average is two cents more than one week ago and motorists are paying 11 cents more per gallon than a year ago.
Violence keyed by the militant group known as ISIS (the Islamic State in Iraq and the Levant) has continued to expand toward southern Iraq, where the majority of the country’s oil production is located. These concerns have contributed to increased global oil prices, which makes it more expensive to produce gasoline. AAA had previously predicted that the national average price of gas would fall some 10 to 15 cents per gallon in June, but that now appears unlikely due to higher oil costs. This means that even though the national average has only increased a few cents per gallon since the Iraq violence intensified, drivers are likely to pay substantially higher gas prices than they would have otherwise.
After a run-up to a new nine-month high to end last week, and with no major market-moving news over the weekend, crude oil prices moved slightly lower on Monday. At the close of formal trading on the NYMEX, West Texas Intermediate crude oil settled at $106.17.
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news@eastniagarapost.com
The national price for regular unleaded gasoline is $3.68 per gallon, which is the highest price for early summer in six years. The average price at the pump has increased for 13 consecutive days for a total of four cents per gallon, narrowing the gap between the current retail price and the 2014 peak of $3.70 per gallon reached on April 28. Today’s average is two cents more than one week ago and motorists are paying 11 cents more per gallon than a year ago.
Violence keyed by the militant group known as ISIS (the Islamic State in Iraq and the Levant) has continued to expand toward southern Iraq, where the majority of the country’s oil production is located. These concerns have contributed to increased global oil prices, which makes it more expensive to produce gasoline. AAA had previously predicted that the national average price of gas would fall some 10 to 15 cents per gallon in June, but that now appears unlikely due to higher oil costs. This means that even though the national average has only increased a few cents per gallon since the Iraq violence intensified, drivers are likely to pay substantially higher gas prices than they would have otherwise.
After a run-up to a new nine-month high to end last week, and with no major market-moving news over the weekend, crude oil prices moved slightly lower on Monday. At the close of formal trading on the NYMEX, West Texas Intermediate crude oil settled at $106.17.
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