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Tuesday, April 14, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport area gas has increased two 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 $2.502, same from $2.483 last week and $3.770 this time last year. The national average is $2.338.
The national average price for regular unleaded gasoline has continued to point lower, due to the resolution of regional refinery issues and a global price of crude oil that remains relatively low. Consumers are saving $1.25 per gallon compared to this same date last year, and motorists continue to pay significantly lower prices at the pump in comparison to previous years: April 13, 2011 ($3.81); April 13, 2012 ($3.90), April 13, 2013 ($3.54). National pump prices have fallen for 22 of the past 30 days.
Despite falling for the majority of the previous month, retail averages maintain the potential to inch upward short-term as we approach the summer driving season. The price at the pump remains heavily influenced by the global price of crude and the ability of domestic refineries to manage scheduled and unscheduled maintenance. It is estimated that even with prices reflecting seasonality, consumers are expected see prices move lower leading up to the peak driving season this summer.
The global oil market remains bearish, despite the price of crude showing volatility reminiscent of the financial crisis in 2008 and 2009. Global supply continues to outpace demand, and news of sustained production from OPEC along with high-cost production countries like the U.S is expected to keep downward pressure on global crude prices. At the close of Friday’s formal trading on the NYMEX, WTI was up 85 cents and settled at $51.64 per barrel.
news@eastniagarapost.com
The national average price for regular unleaded gasoline has continued to point lower, due to the resolution of regional refinery issues and a global price of crude oil that remains relatively low. Consumers are saving $1.25 per gallon compared to this same date last year, and motorists continue to pay significantly lower prices at the pump in comparison to previous years: April 13, 2011 ($3.81); April 13, 2012 ($3.90), April 13, 2013 ($3.54). National pump prices have fallen for 22 of the past 30 days.
Despite falling for the majority of the previous month, retail averages maintain the potential to inch upward short-term as we approach the summer driving season. The price at the pump remains heavily influenced by the global price of crude and the ability of domestic refineries to manage scheduled and unscheduled maintenance. It is estimated that even with prices reflecting seasonality, consumers are expected see prices move lower leading up to the peak driving season this summer.
The global oil market remains bearish, despite the price of crude showing volatility reminiscent of the financial crisis in 2008 and 2009. Global supply continues to outpace demand, and news of sustained production from OPEC along with high-cost production countries like the U.S is expected to keep downward pressure on global crude prices. At the close of Friday’s formal trading on the NYMEX, WTI was up 85 cents and settled at $51.64 per barrel.
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