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Tuesday, August 18, 2015

Lockport-area gas has fallen by one cent according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area. The national average is $2.670. This week’s Lockport area average price is $2.688, down from $2.702 a week ago and $3.702 this time last year.

Nationally, last week ended a 27-day streak of lower gas prices, as prices instead rose consecutively for the past six days. Across the country, the average price per gallon increased by about 8 cents, week-to-week, with consumers in the Midwest seeing some of the largest increases across the country. Despite these increases, motorists are still paying 9 cents less than last month and about 79 cents less than this time last year.

Due to unscheduled repair work at BP’s Whiting, Ind. crude distillation unit, the Midwest has experienced noticeable supply shortages, which in part have caused significant price increases in the region. The state of Ohio saw on average a 44-cent increase per gallon since last week. Although there is no time frame for the completion of the repair work, reports indicate the unit may be shut down for a month or more. The unit has been closed since Aug. 8.

Market fundamentals, however, continue to indicate future price decreases because of global oversupply.

With reports confirming the likelihood of sustained production from OPEC and higher cost production countries, like the United States, the market is also now responding to reports that the Japanese economy is shrinking. Each factor signals that supply will outpace demand in the near future.

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