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Monday, September 21, 2015

Lockport-area gas has decreased by nearly 6 cents according to AAA East Central’s weekly Fuel Gauge report, based on reports from 22 stations in the Lockport area. The national average is $2.289.

This week’s Lockport area average price of $2.492 is down from $2.548 a week ago and $3.625 this time last year.

Today's national average prices for a gallon of gasoline are the lowest prices for this date since 2014.

Consumers can thank a combination of lower crude oil costs and abundant petroleum supplies for the break at the pump.

Over the past 35 consecutive days, the national average price has fallen continually, dropping 38 cents over the same period. National averages are 4 cents lower than last week and 33 cents lower than last month.

Prices are expected to continue the seasonal decline in demand and the switch to winter-blend fuels.

After this summer’s relatively high demand and a resulting increase in refinery operations for longer periods of time, many are expecting heavier-than-usual maintenance at refineries this fall. However, this is not expected to raise retail prices.

The global oil market seems to be holding steady with the Federal Reserve’s decision to leave interest rates unchanged. Interest rates have remained near zero since 2008. Often a rise in interest rates strengthens the U.S. dollar, which then makes oil more expensive for countries with other currencies.

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