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Monday, March 9, 2015

Lockport-area gas prices increased by 4 cents, 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 $2.522, up from $2.483 last week and $3.716 this time last year. The national average is $2.453.

The national average price of regular unleaded gasoline fell yesterday for the first time since increasing for 40 consecutive days, which was the longest streak of daily price increases since 2011.

Retail gas prices typically trend higher this time of year as suppliers undergo maintenance and plan to reduce winter grade fuel in preparation for the changeover to summer-grade gasoline, which is more costly to produce.

The global price of crude oil remains volatile due to speculations about possible production cuts due to oversupply and news of rising global demand. Absent any intervention from OPEC, global prices are expected to continue to fluctuate as markets attempt to self-regulate and find balance. U.S. production continues to hit record levels, and stockpiles have climbed to their highest weekly levels since the energy agency started collecting statistical data on the subject in 1982. Abundant domestic supply has also kept the spread between West Texas intermediate and Brent crude relatively wide. At the close of Friday’s formal trading on the NYMEX, West Texas Intermediate closed down $1.15 settling at $49.61 per barrel.

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