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Monday, March 16, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices have fallen 2 cents in the past 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 $2.500, up from $2.522 last week and $3.727 this time last year. The national average is $2.424.
After rising for 40 days in a row, the national average price for regular unleaded gasoline has now fallen for nine straight days to today’s average of $2.42 per gallon. Compared to this same date last year, consumers are saving an average of $1.09 per gallon at the pump.
Gas prices may continue to drop in the near future due to a steep decline in the cost of crude oil. Crude oil prices declined by more than 10 percent last week due to abundant supplies, a stronger U.S. dollar, and the possibility of even more oil entering the market soon. Every $10 per barrel decline in the cost of crude oil can send gas prices down by nearly 25 cents per gallon.
The national average tends to moves higher this time of year because refineries conduct planned maintenance, which can limit fuel production. Refineries are also beginning to transition to summer-blend fuel in advance of the May 1 deadline. Gas prices should remain relatively cheap because crude oil costs are much lower than recent years and U.S. inventories have risen for nine straight weeks.
The possibility of geopolitical events in major production regions is likely keeping the market relatively volatile in the near term. Speculation is beginning about the agenda for OPEC’s first scheduled meeting of the year, and whether the cartel will intervene to cut oil production in order to pressure prices higher in the global market. The divergence between Brent and West Texas Intermediate, the two most cited oil benchmarks, remains approximately $10 per barrel, just shy of February’s 14-month high of $13 per barrel. At the close of Friday’s formal trading on the NYMEX, WTI fell $2.21 and settled at $44.84 per barrel.
news@eastniagarapost.com
After rising for 40 days in a row, the national average price for regular unleaded gasoline has now fallen for nine straight days to today’s average of $2.42 per gallon. Compared to this same date last year, consumers are saving an average of $1.09 per gallon at the pump.
Gas prices may continue to drop in the near future due to a steep decline in the cost of crude oil. Crude oil prices declined by more than 10 percent last week due to abundant supplies, a stronger U.S. dollar, and the possibility of even more oil entering the market soon. Every $10 per barrel decline in the cost of crude oil can send gas prices down by nearly 25 cents per gallon.
The national average tends to moves higher this time of year because refineries conduct planned maintenance, which can limit fuel production. Refineries are also beginning to transition to summer-blend fuel in advance of the May 1 deadline. Gas prices should remain relatively cheap because crude oil costs are much lower than recent years and U.S. inventories have risen for nine straight weeks.
The possibility of geopolitical events in major production regions is likely keeping the market relatively volatile in the near term. Speculation is beginning about the agenda for OPEC’s first scheduled meeting of the year, and whether the cartel will intervene to cut oil production in order to pressure prices higher in the global market. The divergence between Brent and West Texas Intermediate, the two most cited oil benchmarks, remains approximately $10 per barrel, just shy of February’s 14-month high of $13 per barrel. At the close of Friday’s formal trading on the NYMEX, WTI fell $2.21 and settled at $44.84 per barrel.
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