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Monday, February 9, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas prices dropped nearly three 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 $2.455, down from $2.483 last week and $3.577 this time last year.
The national average price for regular unleaded gasoline has increased every day for two weeks for a total of 14 cents per gallon. Gas prices had previously dropped for a record 123 consecutive days before beginning to rise again on January 27. While prices have moved higher recently, the national average remains significantly less expensive than one year ago when consumers were paying $1.11 more per gallon.
February typically marks the start of seasonal refinery maintenance in preparation for the busy summer driving season. Refineries usually schedule maintenance during the first several months of the year when demand is relatively low, which can lead to decreased production and supplies.
There is additional market uncertainty this week because approximately 5,200 members of the United Steelworkers union have walked off their jobs at refineries and chemical plants responsible for processing more than 10 percent of U.S. petroleum products. While this is the first nationwide strike at U.S. oil refineries since 1980, the work stoppage is not expected to have a significant impact on production in the short-term because refineries continue to operate.
news@eastniagarapost.com
The national average price for regular unleaded gasoline has increased every day for two weeks for a total of 14 cents per gallon. Gas prices had previously dropped for a record 123 consecutive days before beginning to rise again on January 27. While prices have moved higher recently, the national average remains significantly less expensive than one year ago when consumers were paying $1.11 more per gallon.
February typically marks the start of seasonal refinery maintenance in preparation for the busy summer driving season. Refineries usually schedule maintenance during the first several months of the year when demand is relatively low, which can lead to decreased production and supplies.
There is additional market uncertainty this week because approximately 5,200 members of the United Steelworkers union have walked off their jobs at refineries and chemical plants responsible for processing more than 10 percent of U.S. petroleum products. While this is the first nationwide strike at U.S. oil refineries since 1980, the work stoppage is not expected to have a significant impact on production in the short-term because refineries continue to operate.
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