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Tuesday, August 26, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices continue to dip, falling about a penny to $3.69, 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 $3.692, down from 3.70 last week and 3.76 this time last year. Regular unleaded gas prices across the state of New York averaged $3.71.
One week before the Labor Day holiday, the national average price for regular unleaded gasoline was $3.43 per gallon, the lowest average since February 26. Motorists are paying two cents less per gallon than one week ago, 10 cents less than one month ago, and 11 cents less than on this same date last year.
Geopolitics continues to dominate headlines, including in Iraq where the jihadist group known as ISIL (Islamic State of Iraq and the Levant) took responsibility for the death of an American journalist. The Obama Administration is exploring expanding its military action in the region, and the potential for disruptions in supply remains front of mind for market watchers. In recent years motorists have seen geopolitical headlines trigger higher global crude oil prices and ultimately higher prices at the pump; however this has not been the case this summer. In recent weeks, oil markets have largely shrugged off reports of violence and tensions overseas and have instead moved steadily lower as analysts have assessed the potential for a disruption in oil supplies to be limited. The easing of global crude prices has been a driving factor behind the falling retail gasoline prices across much of the country. The slide in oil prices continued Monday as West Texas Intermediate (WTI) crude oil settled down 30 cents at $93.35 per barrel at the close of formal trading on the NYMEX.
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news@eastniagarapost.com
The auto club reports the average price of self-serve regular unleaded gasoline, based on reports from 21 stations in the Lockport area, was $3.692, down from 3.70 last week and 3.76 this time last year. Regular unleaded gas prices across the state of New York averaged $3.71.
One week before the Labor Day holiday, the national average price for regular unleaded gasoline was $3.43 per gallon, the lowest average since February 26. Motorists are paying two cents less per gallon than one week ago, 10 cents less than one month ago, and 11 cents less than on this same date last year.
Geopolitics continues to dominate headlines, including in Iraq where the jihadist group known as ISIL (Islamic State of Iraq and the Levant) took responsibility for the death of an American journalist. The Obama Administration is exploring expanding its military action in the region, and the potential for disruptions in supply remains front of mind for market watchers. In recent years motorists have seen geopolitical headlines trigger higher global crude oil prices and ultimately higher prices at the pump; however this has not been the case this summer. In recent weeks, oil markets have largely shrugged off reports of violence and tensions overseas and have instead moved steadily lower as analysts have assessed the potential for a disruption in oil supplies to be limited. The easing of global crude prices has been a driving factor behind the falling retail gasoline prices across much of the country. The slide in oil prices continued Monday as West Texas Intermediate (WTI) crude oil settled down 30 cents at $93.35 per barrel at the close of formal trading on the NYMEX.
Send an email to news@eastniagarapost.com with "email update" in the subject line.
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