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Tuesday, October 7, 2014

Lockport area gas prices fell one cent this week, according to AAA East Central’s weekly Fuel Gauge report.

The average price of self-serve regular unleaded gasoline, based on reports from 19 stations in the Lockport area, was $3.590, down from $3.602 last week and $3.641 this time last year.

The average price for unleaded regular gasoline in New York was $3.579.

The national average price for regular unleaded gasoline is $3.28 per gallon. Today’s average is a nickel less than one week ago, 16 cents less than one month ago, and seven cents less than one year ago.

For the fourth consecutive week, Hawaii ($4.17) remains the only state with an average price above four dollars per gallon. Drivers in Missouri are paying the lowest average per gallon ($2.99). Before today, no state had registered a daily average of less than $3.00 per gallon since Missouri was last below this threshold on January 23.

Given relatively inexpensive crude prices, adequate supplies and cheaper winter-blend fuel, and barring any unexpected market-moving news, drivers in as many as 20 states could enjoy an average price of less than three dollars per gallon before the end of the year.

Week-over-week, the average price for retail gasoline is down in 48 states and Washington, D.C. Drivers in 19 states are saving a nickel or more per gallon over this same period, with consumers in Michigan (-14 cents), Ohio (-12 cents), Indiana (-11 cents) and Kentucky (-11 cents) experiencing the largest savings.

Global oil prices have continued to slide as supplies have outpaced demand and markets remain relatively unmoved by geopolitical tensions in the Middle East, Europe and Africa. WTI did settle 60 cents higher at $90.34 per barrel at the close of Monday’s formal trading on the NYMEX, but remains near the low-price for the year. On Friday, for the first time in 17 months, West Texas Intermediate (WTI) settled below $90 per barrel, breaking a streak of 365 consecutive settlements above this threshold.

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