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Wednesday, November 5, 2014

Lockport-area gas prices fell six 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 $3.453, down from $3.510 last week and $3.581 this time last year.

The average price for unleaded regular gasoline in New York today is $3.348.

Today’s national average price of regular unleaded gasoline is $2.973 per gallon. This price is six cents less than one week ago, 33 cents less than one month ago, and 28 cents less than one year ago.

On Saturday, the national average fell below the $3 per gallon mark for the first time since Dec. 22, 2010. Today, averages in nearly half of the country are below this threshold.

National pump prices usually drop during the autumn season due to decreasing demand and the cost savings associated with producing winter-blend gasoline. However global oil prices have declined more than anticipated as supply has outpaced demand, contributing to even greater savings at the pump for drivers.

Abundant global oil production — particularly the substantial increases to U.S. production — continues to outweigh any concerns of possible supply disruptions due to geopolitical instability. Market participants continue to speculate about how the Organization of Petroleum Exporting Countries (OPEC) will respond to falling prices. West Texas Intermediate (WTI) settled at $80.54 per barrel at the close of Friday’s formal trading on the NYMEX.

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1 comment:

  1. I paid $2.74 in Kalamazoo yesterday 11/5/2014, today it went up to $3.09 .


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