Lockport Union-Sun & Journal — Lockport area gas prices have fallen almost four cents this week to $3.76, according to AAA East Central.
Tuesday’s national average price for regular unleaded gasoline is $3.54 per gallon. That price is the same as it was a week ago, 13 cents less than a month ago and has now fallen nine cents in August.
Retail gas prices remain seasonally below recent years, however the price of West Texas Intermediate crude oil continues to trade at a significant premium. WTI did settle down 36 cents at $107.10 per barrel at the close of Monday’s formal trading on the NYMEX, but this price is more than 10 percent higher than last year, more than 30 percent above the price on the same date in 2011 and prices continue to be the highest for August since 2008.
Violence in Egypt, Libya and Syria continue to be the primary factors sustaining global oil prices. Egypt is not a major oil producer; however it does have control over both the Suez Canal and Sumed Pipeline, which are key points of transit for the global crude oil supply in the Middle East. Escalating violence in these countries continues to raise concerns that unrest could spread to other areas in the Middle East and North Africa and has subsequently sustained seasonally-high crude oil prices.