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Monday, October 12, 2015

Lockport-area gas prices are trending downward, 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 2.391, down from $2.401 last week and $3.585 this time last year. The national average is $2.314.

After 13 consecutive days of holding steady, the national average price for regular unleaded gasoline began ticking higher last week, reaching today’s price of $2.31 per gallon. On the whole, pump prices remain discounted across the country.

The refinery maintenance season is reportedly nearing its peak, and the national average has been relatively stable since September 15. While national prices have been steady, pump prices in some regions have moved dramatically over this same period, largely due to fluctuations in supply and demand. Ample domestic supplies are expected to temper any regional price spikes, preventing the national average from moving dramatically higher. Before the end of the year, drivers could still see the national average fall below $2 per gallon for the first time since 2009, assuming crude oil prices do not increase and there are not unexpected disruptions to supply.

The global oil market remains in flux and speculation about the future direction of the market continues to be focused on questions of supply and demand. Both crude oil benchmarks, West Texas Intermediate and Brent, posted weekly gains, but there is uncertainty of the direction that prices will move in the months ahead. WTI closed out Friday’s formal trading session up 20 cents, settling at $49.63 per barrel. This represents a week-over-week gain of approximately $4 per barrel, marking the largest weekly increase since mid-July.

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