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Tuesday, November 25, 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 22 stations in the Lockport area, was $3.581, down from $3.327 last week and $3.550 this time last year. The average price for unleaded regular gasoline in New York today is $3.195.

The national average price for regular unleaded gasoline has fallen for 60 consecutive days, reaching today’s price of $2.81 per gallon. This is seven cents less than one week ago, one quarter less than one month ago and 46 cents less than one year ago. Today’s price is the least expensive since November 4, 2010 and motorists are on target to pay the lowest averages at the Thanksgiving holiday since 2009, when the national average price was $2.63 per gallon.

Across the country motorists are enjoying low prices due to production exceeding demand and relatively few issues at local refineries. Consumers in South Carolina and Missouri are paying the nation’s lowest average price at the pump, $2.57 per gallon, and 38 states are posting averages below the $3.00 per gallon threshold.

Market watchers are anxiously awaiting the outcomes of two major events scheduled for later this week to see how they will impact prices. The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet this Thursday, and will respond to the growth in world oil supply by either cutting or sustaining its current production levels.  Additionally, Iran is scheduled to meet with world leaders to discuss the possible relaxation of sanctions that have been in place since late-2011. Prior to the sanctions, Iran was one of OPEC’s leading producers and the lifting of these restrictions could inject additional supply into the global oil market.  At the close of formal trading on Friday West Texas Intermediate (WTI) crude oil closed 60 cents higher at $76.43 per barrel. While oil prices did increase slightly to close out last week, WTI has now settled below $80 for three straight weeks – the longest streak since September 2010.

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