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Monday, October 26, 2015
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport-area gas prices dropped a little more than 3 cents 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 $2.341 down from $2.379 a week ago and $3.510 this time last year.
As the national average price per gallon tops out Monday at $2.20, the nation’s drivers are saving about 85 cents over this time last year and the most at the pump since February.
For the fourth consecutive week, all 50 states posted averages below $3/gallon, with eight states below $2 for a gallon of regular unleaded. Although regional fluctuations in price may occur over the next few weeks due to refinery maintenance and shifts in supply and demand, the national average price is still expected to be under $2 per gallon by the year’s end, which would be the first time since 2009.
Motorists have domestic oversupply and falling crude oil prices to thank for the savings, and right now, the markets are indicating very little change. A bearish sentiment continues to typify the market with lower crude oil prices impacting the outlook for oil companies as cutbacks and delays in new project investments are announced.
Many hoped a meeting of technical experts between OPEC and non-OPEC nations would address the current oil surplus, but no cuts for oil production were discussed, continuing to pressure prices lower.
This week, a close watch will be kept on the U.S. Federal Reserve and U.S. economic data, regarding interest rates. Since 2008, interest rates have remained relatively unchanged in order to help stimulate economic growth. A rise in interest rates typically strengthens the U.S. dollar and makes oil more expensive to foreign markets, which could further exacerbate the present glut and keep a price ceiling on oil in the short-term.
However, the latest data from the U.S. Department of Energy indicates an increase in domestic crude oil stocks, despite an 8-week decrease in U.S. oil rigs.
news@eastniagarapost.com
As the national average price per gallon tops out Monday at $2.20, the nation’s drivers are saving about 85 cents over this time last year and the most at the pump since February.
For the fourth consecutive week, all 50 states posted averages below $3/gallon, with eight states below $2 for a gallon of regular unleaded. Although regional fluctuations in price may occur over the next few weeks due to refinery maintenance and shifts in supply and demand, the national average price is still expected to be under $2 per gallon by the year’s end, which would be the first time since 2009.
Motorists have domestic oversupply and falling crude oil prices to thank for the savings, and right now, the markets are indicating very little change. A bearish sentiment continues to typify the market with lower crude oil prices impacting the outlook for oil companies as cutbacks and delays in new project investments are announced.
Many hoped a meeting of technical experts between OPEC and non-OPEC nations would address the current oil surplus, but no cuts for oil production were discussed, continuing to pressure prices lower.
This week, a close watch will be kept on the U.S. Federal Reserve and U.S. economic data, regarding interest rates. Since 2008, interest rates have remained relatively unchanged in order to help stimulate economic growth. A rise in interest rates typically strengthens the U.S. dollar and makes oil more expensive to foreign markets, which could further exacerbate the present glut and keep a price ceiling on oil in the short-term.
However, the latest data from the U.S. Department of Energy indicates an increase in domestic crude oil stocks, despite an 8-week decrease in U.S. oil rigs.
Catch up quick
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