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Monday, May 2, 2016
ENP STAFF REPORTS
news@eastniagarapost.com


Lockport area gas prices increased 8 cents to $2.293 a 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 $2.217. This time last year, gasoline was $2.634 in Lockport. The national average is $2.217.

On the national front, gas prices are at their highest levels in more than six months, and the national average has remained above $2 per gallon for 40 consecutive days. Today’s average price of $2.22 represents an increase of eight cents per gallon on the week, and prices are up 16 cents per gallon on the month. Ample gasoline supplies and relatively lower crude oil costs are helping to sustain year-over-year savings, with today’s price discounted by 39 cents per gallon versus a year ago.

Gasoline demand continues to break seasonal records as low prices motivate people to drive more. Additionally, crude oil costs are also increasing and recently reached new 2016 highs. Increased demand and more expensive oil costs have helped to push gas prices higher in many parts of the country over the past few weeks, and prices may move even higher leading into the busy summer driving season.

The average price at the pump for the month of April was $2.10 per gallon, which is the lowest average for this month since 2009. Only 20 percent of U.S. stations are still selling gas for less than $2 per gallon and pump prices are moving due to growth in fuel demand.  Gas prices have increased by 52 cents per gallon after hitting a 2016 low in mid-February.



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