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Tuesday, October 14, 2014

Lockport area gas prices fell just a fraction of a 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 21 stations in the Lockport area, was $3.585, down from $3.590 last week and $3.633 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 has fallen for 19 straight days, reaching today’s price of $3.19 per gallon. Today’s average price is nine cents less than one week ago, 21 cents less than one month ago and 16 cents less than one year ago.

The average price is down in every state and Washington, D.C., in both week-over-week and month-over-month comparisons. Drivers in six states are paying an average price below three dollars per gallon to refuel their vehicles.

Low demand combined with abundant supply has kept downward pressure on global oil prices. The Organization of Petroleum Exporting Countries (OPEC) members are scheduled to meet at the end of November and will reportedly not hold an emergency meeting before then based on current prices, which has supported the bearish sentiment for crude oil.

While violence continues in Iraq, market watchers still assess the threat to oil production to be relatively limited. West Texas Intermediate (WTI) crude oil settled eight cents lower at $85.74 per barrel at the close of Monday’s formal trading on the NYMEX. This is the fifth consecutive settlement below $90 per barrel and the lowest price since December 2012.

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