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Tuesday, June 23, 2015

Lockport-area gas is up 3 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, is 2.849, same from $2.819 last week and $3.816 this time last year. The national average is $2.792.

After reaching a new high for 2015 last week ($2.80), the national average price for regular unleaded gasoline has dropped slightly to $2.79 per gallon. Today’s price significantly discounted from this time last year.

Pump prices in recent days have stabilized or even dropped in many areas as refineries solve productions issues. Gasoline production typically increases this time of year in anticipation of summer demand, and high profit margins should incentivize refineries to produce more gasoline in the near future, which may help lower gas prices.

Crude oil prices moved lower late last week due to a stronger U.S. dollar amid concerns about Greece’s financial instability. The Organization of the Petroleum Exporting Countries (OPEC) reported its largest production levels since October 2012, and the U.S. also continues to produce at record levels. This means the global market is likely to remain oversupplied in the near term and any reductions in demand are expected to put downward pressure on price and exacerbate the current dynamic of oversupply. At the close of Friday’s formal trading on the NYMEX, WTI was down 84 cents and settled at $59.61 per barrel.

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