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Tuesday, August 12, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices dipped about a penny to $3.71 a gallon, according to AAA East Central’s weekly Fuel Gauge report. The auto club reports the average price of self-serve regular unleaded gasoline, based on reports from 21 stations in the Lockport area, was $3.711, down from $3.719 last week and $3.794 this time last year.
The national average price for regular unleaded gasoline has continued its downward trend despite high-profile conflicts in overseas oil producing countries and declining domestic refinery production. Today’s price is $3.47 per gallon, which is about two cents less than one week ago, 15 cents less than one month ago and seven cents less than the same date last year.
The falling national average is largely mirrored at the state level, where drivers in all but a handful of states are paying less at the pump over the last few weeks. Consumers in Hawaii ($4.32), Alaska ($4.10) and California ($3.91) continue to pay the highest prices per gallon.
Last week, President Obama announced that the U.S. would begin airstrikes in Iraq in response to the continuing escalation of violence. Iraq is the world’s seventh-largest oil producer and a disruption in production could impact the global supply. Tensions between Russia and Ukraine, and the situation Libya are being monitored but have not resulted in a disruption to supply.
Oil prices, meanwhile, continue to trade near multi-month lows. The price of West Texas Intermediate (WTI) settled 43 cents higher at $98.08 per barrel at the close of formal trading Monday.
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news@eastniagarapost.com
The national average price for regular unleaded gasoline has continued its downward trend despite high-profile conflicts in overseas oil producing countries and declining domestic refinery production. Today’s price is $3.47 per gallon, which is about two cents less than one week ago, 15 cents less than one month ago and seven cents less than the same date last year.
The falling national average is largely mirrored at the state level, where drivers in all but a handful of states are paying less at the pump over the last few weeks. Consumers in Hawaii ($4.32), Alaska ($4.10) and California ($3.91) continue to pay the highest prices per gallon.
Last week, President Obama announced that the U.S. would begin airstrikes in Iraq in response to the continuing escalation of violence. Iraq is the world’s seventh-largest oil producer and a disruption in production could impact the global supply. Tensions between Russia and Ukraine, and the situation Libya are being monitored but have not resulted in a disruption to supply.
Oil prices, meanwhile, continue to trade near multi-month lows. The price of West Texas Intermediate (WTI) settled 43 cents higher at $98.08 per barrel at the close of formal trading Monday.
Send an email to news@eastniagarapost.com with "email update" in the subject line.
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