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Monday, April 27, 2015

Lockport-area jumped another eight 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 $2.634, same from $2.551 last week and $3.861 this time last year. The national average is $2.536.

The national average price for regular unleaded gasoline climbed above $2.50 per gallon late last week for the first time in more than four months. Average prices have now increased by 15 cents per gallon in just two weeks. This recent increase has been the product of rising global crude prices, the seasonal switch to summer-blend gasoline and regional refinery issues, particularly on the West Coast. The national average continues to reflect a significant discount of $1.16 per gallon in comparison to this same date last year.

The deadline for terminals to switchover to summer-grade gasoline is May 1. Select markets that require reformulated gasoline or experience localized refinery issues may see prices move more dramatically in the spring. Following the transition to summer-blend gasoline and as refineries complete seasonal maintenance, the national average may return to below $2.50 per gallon, though much of the forecast will depend on what happens with the cost of crude oil.

Global crude oil prices rose again last week due to geopolitical tensions in Yemen and the declining strength of the U.S. dollar. West Texas Intermediate (WTI) crude oil finished at its highest price in approximately four months and Brent Crude also posted weekly gains. At the close of Friday’s formal trading on the NYMEX, WTI settled down 59 cents at $57.15 per barrel.

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1 comment:

  1. We have pretty much one distributor in this area. Reid petro;eum supplies Sunoco, Crosby, Tops and Arrow Mart as far as I can tell. With that being the case, now he is pitting stores against stores where as when we had more distributors, it was the distributors that started the gas wars and pricing competition which they could handle better.


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