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Monday, March 30, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices dropped a cent in the last 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 $2.483, up from $2.494 last week and $3.719 this time last year. The national average is $2.420.
Today’s national average price for regular unleaded gasoline is $2.42 per gallon. Consumers are paying two cents more than one month ago and $1.13 less than the same date last year. The national average has now fallen for 17 of the past 23 days.
The status of regional refineries continues to be a driving factor for gas prices in many parts of the country. While prices over the past month are higher for many drivers, year-over-year price comparisons continue to highlight universal savings. Sharply lower oil prices have resulted in substantially less expensive gas prices in every state.
After briefly rising back above $50 per barrel last week, the price of West Texas Intermediate crude oil dropped back below that threshold to end last week. Crude prices have fallen to multi-year lows due largely to ample global production. The possibility of increased exports from Iran should a nuclear deal be reached this week would further increase production and has for now offset any “risk premium” stemming from regional stability due to violence in Yemen. A possible deal between the West and Iran could bring an estimated 500,000 barrels per day of additional oil to the global market, which would add more supply to an already well-supplied market and exert further downward pressure on crude prices. At the close of Friday’s formal trading on the NYMEX, WTI settled down $2.56 at $48.87 per barrel.
news@eastniagarapost.com
Today’s national average price for regular unleaded gasoline is $2.42 per gallon. Consumers are paying two cents more than one month ago and $1.13 less than the same date last year. The national average has now fallen for 17 of the past 23 days.
The status of regional refineries continues to be a driving factor for gas prices in many parts of the country. While prices over the past month are higher for many drivers, year-over-year price comparisons continue to highlight universal savings. Sharply lower oil prices have resulted in substantially less expensive gas prices in every state.
After briefly rising back above $50 per barrel last week, the price of West Texas Intermediate crude oil dropped back below that threshold to end last week. Crude prices have fallen to multi-year lows due largely to ample global production. The possibility of increased exports from Iran should a nuclear deal be reached this week would further increase production and has for now offset any “risk premium” stemming from regional stability due to violence in Yemen. A possible deal between the West and Iran could bring an estimated 500,000 barrels per day of additional oil to the global market, which would add more supply to an already well-supplied market and exert further downward pressure on crude prices. At the close of Friday’s formal trading on the NYMEX, WTI settled down $2.56 at $48.87 per barrel.
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