Gas prices in the Lockport area are up about a nickel to $2.84 this week, AAA said Tuesday. The national price for gas is also up, but only by a penny to $2.68, while oil prices continue to hover around the $80 mark.
According to the AAA Fuel Gauge, oil prices ended the day Monday up a little more than a dollar, ending at $78.17 on the New York Mercantile Exchange. Market-watchers cited the ongoing weakness of the dollar and positive economic reports on Chinese manufacturing as the major reasons for the day’s climb, AAA said.
The dollar fell in value against the euro on Monday, as investors confronted renewed concerns about the U.S. financial sector following the announced bankruptcy of the major banker CIT Group over the weekend
As the dollar weakens, oil and other commodities become cheaper for foreign investors to buy, which then drives up the market price. Also, oil is a physical good that can be used by investors to protect their portfolios from declines in the dollar’s value.
In China, news that manufacturing activity has reached an 18-month high gave investors hope for a strengthened economic recovery and helped push prices higher, as well.
Local News
ECONOMY: Gas prices up 5 cents in the Lockport area
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Paying Respect
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Palace, Hartland get Greenway funding
The Historic Palace Theatre and the Town of Hartland both were cleared Tuesday to receive Niagara River Greenway funding for improvement projects.
The eight-member Host Communities Standing Committee voted unanimously to approve funding requests of $151,000 for the Palace and $244,000 for Hartland, which is planning a multi-phase town park enhancement project.
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Erie Canal photo contest underway
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Jobless totals drop slightly
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The New York State Department of Labor reported Tuesday about 1,000 city residents were without a job in April, the fifth straight month with over 1,000 unemployed. That was down from the 1,100 it reported in March, however, the number of employed stayed the same at about 9,700 people.
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Willow Street victim identified
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