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Monday, January 11, 2016

Lockport-area gas prices fell another four cents since last week, coming in around $2.126 per gallon according to AAA East Central’s weekly Fuel Gauge report. The average price of self-serve regular unleaded gasoline last week, based on reports from 22 stations in the Lockport area, was $2.162. This time last year, gasoline was $2.729 in Lockport. The national average is $1.965.

Nationally, gas prices continue to drop to multi-year lows, with today’s average price of $1.97 per gallon representing the cheapest average price at the pump since March 23, 2009. Gas prices have fallen for 55 of the past 66 days for a total savings of 26 cents per gallon and should remain relatively low because there is more than enough oil and gasoline around the world to meet demand.

Disruptions in production generally lead to noticeable spikes in the price at the pump, which are often exacerbated due to the market’s relative isolation and specific fuel requirements. Consumers in the region will likely experience price swings in the near term due to both planned and unplanned maintenance, and this could increase the national average price of gas even as prices drop in other parts of the country.

Both oil benchmarks have posted losses for every day of trading in 2016, and as a result, closed out the week at lows unseen in more than a decade. Expectations that prices will continue to hover at multi-year lows are beginning to surface and market watchers are paying close attention to both China and the Middle East. Growth in China’s economy was once seen as a factor that could offset some of the market’s imbalance, though there is more uncertainty now that concerns over its economy continue to grow. West Texas Intermediate closed out Friday’s formal trading session on the NYMEX down 11 cents, settling at $33.16 per barrel. This represents a loss of approximately 10 percent on the week and was the benchmark’s lowest settlement since February 9, 2004.

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