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Monday, February 1, 2016
ENP STAFF REPORTS
news@eastniagarapost.com


Lockport-area gas prices are down four cents, hovering around $1.956 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, is $1.956. This time last year, gasoline was $2.483 in Lockport. The national average is $1.795.

Drivers are saving more than $1 per gallon from the 2015 peak price reached this past June, and the national average has spent 32 consecutive days below the $2 per gallon benchmark. Today’s average price of $1.80 per gallon is the lowest price for gasoline since January 2009. The combination of seasonal reductions in gasoline demand and the relatively lower price for crude oil are likely to help keep prices low in the near term.

The imbalance between supply and demand and the resolution of distribution and refinery issues, is contributing to falling prices at the pump. The national average had been under some upward pressure due to regional price spikes. If the price of crude remains depressed, the national average remains poised to continue lower approaching the spring maintenance season.

Market fundamentals continue to point to supply outpacing demand; however, crude oil prices have been subject to some speculation about when and if prices have reached their bottom. Both Brent and West Texas Intermediate rallied to close out last week, movement that was largely attributed to reports that Russia and Organization of the Petroleum Exporting Countries member Saudi Arabia may meet discuss potential production cuts. U.S. production also remains a key variable in the global equation, and despite the lower price environment domestic crude oil inventories continue to test record levels. At the close of Friday’s formal trading session on the NYMEX, WTI was up 40 cents and settled at $33.62 per barrel.



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