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Thursday, July 24, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Local gas prices fell two cents to $3.77 a gallon, according to AAA East Central, putting them below not only the average for a week ago, but also from a year ago.
This week’s Lockport area average price is $3.777, compared to $3.797 a week ago and $3.837 for the same week last year.
The national average price of gas has fallen for 25 consecutive days due to abundant refinery production, even as geopolitical tensions gain global attention. Russia and Ukraine returned to the forefront this past week when Malaysian Airlines Flight 17 crashed in eastern Ukraine in an area controlled by pro-Russian separatists. Additionally, intensifying violence between Israeli and Hamas forces in Gaza has drawn headlines and concerns that the conflict could have a broader regional impact. Despite these issues, oil markets remain relatively unaffected because there has not been an impact to supply or distribution.
Meanwhile, domestic refinery utilization reached its highest level of the year last week, which has helped to push gas prices lower. Today’s national average price for regular unleaded gasoline is $3.57 per gallon, which is the lowest price since April 4. Today’s price is four cents less than one week ago and 11 cents less than one month ago. The national average has now declined for 25 straight days. In comparison to this same date last year, drivers are saving nearly a dime per gallon at the pump.
West Texas Intermediate (WTI) crude oil prices have increased over the last several trading sessions after falling to a multi-month low below $100 last Tuesday. At the close of formal trading on the NYMEX on Monday, WTI settled $1.46 higher at $104.59 per barrel.
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news@eastniagarapost.com
This week’s Lockport area average price is $3.777, compared to $3.797 a week ago and $3.837 for the same week last year.
The national average price of gas has fallen for 25 consecutive days due to abundant refinery production, even as geopolitical tensions gain global attention. Russia and Ukraine returned to the forefront this past week when Malaysian Airlines Flight 17 crashed in eastern Ukraine in an area controlled by pro-Russian separatists. Additionally, intensifying violence between Israeli and Hamas forces in Gaza has drawn headlines and concerns that the conflict could have a broader regional impact. Despite these issues, oil markets remain relatively unaffected because there has not been an impact to supply or distribution.
Meanwhile, domestic refinery utilization reached its highest level of the year last week, which has helped to push gas prices lower. Today’s national average price for regular unleaded gasoline is $3.57 per gallon, which is the lowest price since April 4. Today’s price is four cents less than one week ago and 11 cents less than one month ago. The national average has now declined for 25 straight days. In comparison to this same date last year, drivers are saving nearly a dime per gallon at the pump.
West Texas Intermediate (WTI) crude oil prices have increased over the last several trading sessions after falling to a multi-month low below $100 last Tuesday. At the close of formal trading on the NYMEX on Monday, WTI settled $1.46 higher at $104.59 per barrel.
Send an email to news@eastniagarapost.com with "email update" in the subject line.
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