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Tuesday, July 14, 2015

Lockport-area gas has decreased nearly 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, is 2.825, same from $2.846 last week and $3.797 this time last year. The national average is $2.770.

Today’s national average price for regular unleaded gasoline is $2.77 per gallon. The average is just fractions of a penny more than a week ago and is at the lowest mark for this date in nearly five years. Nationally, the retail average has fallen for 19 of the past 30 days. Many consumers continue to save at the pump with national prices down three cents per gallon month-over-month.

Domestic supply factors continue to influence gas prices in some states. However, lower global crude oil prices are contributing downward pressure on gasoline prices across the nation. The impact of the Greek debt crisis and diplomatic negotiations with Iran pushed the price of West Texas Intermediate crude oil to multi-month lows over the past week. Both international events have the potential to put additional downward pressure on price and contribute to the oversupply that currently characterizes global oil markets. After temporarily dropping below the $52 per barrel mark during Friday’s trading session, WTI prices recovered most of their losses at the close of formal trading on the NYMEX to close the week down four cents at $52.74 per barrel.

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