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Tuesday, July 28, 2015
ENP STAFF REPORTS
news@eastniagarapost.com


Lockport-area gas has dropped 7 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 2.738, down from $2.811 last week and $3.765 this time last year. The national average is $2.710.

The national average price for regular unleaded gasoline has dropped for 12 days in a row, which is the longest consecutive decline since January. Most drivers are paying the lowest July prices since 2009 and are saving 82 cents per gallon at the pump compared to a year ago. Today’s national average price is $2.71 per gallon.

The slow decline in the national average is in stark contrast to regional price volatility that continues to characterize some markets, as a result of localized refinery issues and tight supplies. The global oil market touched multi-month lows to open the week’s trading session in reaction to signals that the market is likely remain oversupplied in the near term, which is expected to keep downward pressure on prices. Worse than expected economic data out of China showed growth in the country to be more volatile than anticipated, which could further increase the global glut in oil and gasoline. Domestic crude inventories grew by 2.5 million barrels in the most recent weekly report, while the number of U.S. oil rigs grew by 21, which was the largest gain since April 2014.

Supply continues to outpace domestic demand, and as a result, West Texas Intermediate crude oil fell below $50 per barrel for the first time since April this past week. At the close of Friday’s formal trading on the NYMEX, West Texas Intermediate settled down 31 cents at $48.14 per barrel. The price of oil generally accounts for more than half the cost of retail gasoline at the pump, so lower crude oil prices typically lead to lower pump prices for motorists, barring other influencing factors like refinery issues, distribution challenges or changes in demand.



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