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Tuesday, November 11, 2014

Lockport area gas prices fell almost seven 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 $3.388, down from $3.453 last week and $3.558 this time last year.

The average price for unleaded regular gasoline in New York today is $3.294.

Today’s national average for regular unleaded gasoline is $2.93 per gallon, which is the lowest price since Dec. 4, 2010. Motorists are paying a nickel less than one week ago, 30 cents less than one month ago and 26 cents less than one year ago. The national average price of gas has dropped for 47 days in a row (a cumulative decline of 42 cents), which is the longest consecutive decline since 2008.

The price at the pump has dropped 77 cents from the 2014 peak of $3.70 (April 28), which represents an estimated savings of more than $250 million each day for American motorists. A decrease in retail gasoline prices is often likened to a tax cut because it can inject billions of dollars in non-gasoline spending into the economy.

Fueling the welcome decline in gas prices has been the multi-month drop in crude oil costs with prices for West Texas Intermediate down to a multi-year low of $77.19 per barrel last Tuesday. Adding momentum to falling prices last week was an unexpected move by Saudi Arabia, the world’s largest oil exporter, to lower the price per barrel for crude sold to the United States. At the close of Friday’s formal trading on the NYMEX, WTI had recovered slightly to settle at $78.65 per barrel.

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