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Monday, December 15, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices dropped nearly 20 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 $2.945, down from $3.155 last week and $3.632 this time last year.
Holiday cheer has come early for the motoring public, with the average for retail gasoline at its lowest level in more than five years. Today’s national average price for regular unleaded gasoline is $2.55 per gallon. The average price at the pump is more than a dime less than one week ago and more than a quarter less than a month ago. The national average is down 69 cents from this same date last year and has now dropped on 81 consecutive days for a total of 80 cents during this stretch.
The average price at the pump has fallen nearly 25 percent since the start of the year, and if the global price of crude continues to register new multiyear lows, these lower prices are likely to persist. Barring any unexpected spikes in global prices, or declines in domestic production, the price at the pump should remain relatively low approaching the New Year and into 2015.
Concerns of sluggish global oil demand combined with abundant supply continue to leave global oil markets searching for a bottom. Last week, for the first time since 2009, the price of West Texas Intermediate dropped below $60. WTI is now approximately 40 percent cheaper than the start of the year and nearly 50 percent below the high in June ($107.26). The Organization of Petroleum Exporting Countries (OPEC) continues to maintain production levels, and the cartel’s three biggest members are reportedly ramping up exports to Asia in an effort to sustain market share in that region. Reductions in global oil prices have ultimately meant a welcome savings at the pump for motorists; however sustained low prices could impact U.S. production.
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news@eastniagarapost.com
Holiday cheer has come early for the motoring public, with the average for retail gasoline at its lowest level in more than five years. Today’s national average price for regular unleaded gasoline is $2.55 per gallon. The average price at the pump is more than a dime less than one week ago and more than a quarter less than a month ago. The national average is down 69 cents from this same date last year and has now dropped on 81 consecutive days for a total of 80 cents during this stretch.
The average price at the pump has fallen nearly 25 percent since the start of the year, and if the global price of crude continues to register new multiyear lows, these lower prices are likely to persist. Barring any unexpected spikes in global prices, or declines in domestic production, the price at the pump should remain relatively low approaching the New Year and into 2015.
Concerns of sluggish global oil demand combined with abundant supply continue to leave global oil markets searching for a bottom. Last week, for the first time since 2009, the price of West Texas Intermediate dropped below $60. WTI is now approximately 40 percent cheaper than the start of the year and nearly 50 percent below the high in June ($107.26). The Organization of Petroleum Exporting Countries (OPEC) continues to maintain production levels, and the cartel’s three biggest members are reportedly ramping up exports to Asia in an effort to sustain market share in that region. Reductions in global oil prices have ultimately meant a welcome savings at the pump for motorists; however sustained low prices could impact U.S. production.
Send an email to news@eastniagarapost.com with "email update" in the subject line.
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