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Tuesday, October 28, 2014

Lockport area gas prices fell two 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 21 stations in the Lockport area, was $3.510, down from $3.534 last week and $3.617 this time last year.

The average price for unleaded regular gasoline in New York today is $3.403.

Today’s national average price for regular unleaded gasoline is $3.03 per gallon, the lowest mark since December 27, 2010. Today’s price is six cents less than one week ago, 31 cents less than one month ago and 25 cents less than one year ago.

Seventeen states currently register an average gas price below $3.00 per gallon with drivers in South Carolina ($2.78) paying the nation’s lowest average prices at the pump. Hawaii ($4.06) remains the only state with prices above $4.00 per gallon.

Gas prices typically decline this time of year, but have fallen more swiftly than typical due to the sharply declining price of crude oil. The cost of crude oil accounts for approximately two-thirds of the price consumers pay for gasoline, which means, barring any other factors, gas prices will continue to fall as long as crude oil prices decline.

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