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Tuesday, September 8, 2015

Lockport-area gas prices fell another four cents over the last week according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area.

This week's average gas price in Lockport is $2.570, down from $2.606 a week ago and $3.681 this time last year. The national average is $2.391.

Labor Day 2015 brought consumers the lowest national average gas prices in more than a decade, providing $1 or more per gallon in savings.

Over the past 22 days, gas prices have dipped consecutively, even with an increase in demand as more travelers hit the road enticed by cheaper gas prices over the first eight months of the year.

As long as crude oil prices remain low and refineries continue to operate without issues over the remaining months of the year, with fewer travelers on the road, prices should continue to decline. However, an increase in scheduled refinery maintenance for this year may slow the rate of price declines.

On Sept. 16, many areas of the country will switch to a winter-blend gasoline. This typically lowers gas prices, as well.

With sentiments continuing to favor a bearish global market, supply and demand levels remain the focus as new oil production markets emerge. Close attention will be paid to a meeting among a small group of OPEC and non-OPEC countries in the Persian Gulf this week for any developments on OPEC’s plans for production, although oil prices are not officially on the agenda.

While barrel prices have rallied over the past two weeks, following a multi-year low of $38.60 on Aug. 26, WTI is likely to face downward pressure because of seasonal declines in demand and reduced crude oil purchases from refineries.

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