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Tuesday, October 21, 2014

Lockport area gas prices fell five cents 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 $3.534, down from $3.585 last week and $3.630 this time last year. Statewide, the average price for unleaded regular gasoline is $3.455.

Today’s national average price for regular unleaded gasoline is $3.09 per gallon. This is a dime less than one week ago, 25 cents less than one month ago and 26 cents less than one year ago. Drivers are saving an average of 61 cents per gallon compared to the 2014 high of $3.70 (set on April 28).

Compared to one week ago, the average price at the pump is down in 48 states and Washington, D.C. The largest weekly discounts are in Kentucky and Indiana (-16 cents each). Motorists in 17 states now pay an average price below $3.00 per gallon.

Geopolitical tensions in Iraq continue to be viewed by market watchers as posing a minimal threat to the region’s oil production. The Organization of Petroleum Exporting Countries (OPEC), responsible for 40 percent of the world’s oil production, is scheduled to convene on November 27 in Vienna to discuss whether to sustain or reduce production levels. West Texas Intermediate (WTI) closed out last week by settling up a nickel at $82.75 per barrel at the close of formal trading Friday on the NYMEX.

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