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Tuesday, July 15, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices fell about four cents to $3.80 a gallon, according to AAA East Central. The average pump price of $3.797 is nearly four cents lower than the $3.836 it was a week ago and the $3.837 it was a year ago.
Today’s national average price for regular unleaded gasoline is $3.61 per gallon. This price is about four cents less than one week ago and five cents less than one month ago.
Today is the 18th consecutive day the national average has decreased. As predicted by AAA, the retail price at the pump continued to tick lower following the Independence Day holiday due primarily to lower crude oil costs as the situation stabilizes in Iraq, The national average may continue to slide or remain flat, barring any geopolitical concerns, major hurricane or refinery disruptions.
Although the situation in Iraq remains unresolved, the possibility of disruptions to supply is increasingly viewed as unlikely. Oil production has returned in Libya, following the labor disputes and violence that resulted in the closing of national oil fields and ports. Market watchers will continue to monitor the instability in Iraq and Libya, with a watchful eye to Ukraine, Venezuela and Nigeria, but after rising to a multi-month high ($107.26 per barrel on June 20), the price of West Texas Intermediate (WTI) crude oil has now fallen over three straight weeks. At the close of formal trading on the NYMEX on Monday, WTI settled eight cents higher at $100.91.
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news@eastniagarapost.com
Today’s national average price for regular unleaded gasoline is $3.61 per gallon. This price is about four cents less than one week ago and five cents less than one month ago.
Today is the 18th consecutive day the national average has decreased. As predicted by AAA, the retail price at the pump continued to tick lower following the Independence Day holiday due primarily to lower crude oil costs as the situation stabilizes in Iraq, The national average may continue to slide or remain flat, barring any geopolitical concerns, major hurricane or refinery disruptions.
Although the situation in Iraq remains unresolved, the possibility of disruptions to supply is increasingly viewed as unlikely. Oil production has returned in Libya, following the labor disputes and violence that resulted in the closing of national oil fields and ports. Market watchers will continue to monitor the instability in Iraq and Libya, with a watchful eye to Ukraine, Venezuela and Nigeria, but after rising to a multi-month high ($107.26 per barrel on June 20), the price of West Texas Intermediate (WTI) crude oil has now fallen over three straight weeks. At the close of formal trading on the NYMEX on Monday, WTI settled eight cents higher at $100.91.
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