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Monday, July 20, 2015

Lockport-area gas prices have fallen by one cent according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area. This week’s Lockport area average price $2.811, while average price during the week of July 13 were $2.825 and the average price during this week last year was $3.777.

The national average is $2.756. Despite regional volatility in fuel prices, the national average cost for a regular gallon of gasoline has remained relatively stable over the past few weeks. Drivers are paying the lowest average price for this date since 2010.

Prices continue to decline since the summer high on June 18, showing a five-cent decrease since that day. With a four-cent decrease since last month and a decrease by one penny from last week, pump prices continue to remain significantly cheaper than this time last year. On average, drivers are paying 82 cents less per gallon compared to the summer of 2014.

California drivers are paying the most at the pump, with a gallon of regular unleaded averaging about $3.88 due to an imbalance of supply and demand, specialty fuel component shortages and refinery issues.

Although this week’s trading sessions opened with news of fewer U.S. oil rig counts and reports that Saudi Arabia oil exports fell, which typically cause higher prices, the markets have not shifted much in response. This is due to reports that U.S. production remains high, and Saudi Arabian exports are attributed to higher gasoline production there, rather than a decrease in oil production.

Following the nuclear deal with Iran, prospects that Iranian crude oil will return to the world market continue to pressure prices downward in anticipation, although there is no time frame yet for the return.

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