Breaking News Bar
posted: 11/4/2012 4:05 PM

Gas declines to $3.54 a gallon in latest survey

hello
Success - Article sent! close
  • Ross Napoli, left, and Rob Balletto fill gas canisters at a Hess station in the New Dorp section of the Staten Island borough of New York for use in their cars Saturday. They had waited in line for about 40 minutes. The line for cars at the station was much longer, with drivers waiting for up to two hours.

      Ross Napoli, left, and Rob Balletto fill gas canisters at a Hess station in the New Dorp section of the Staten Island borough of New York for use in their cars Saturday. They had waited in line for about 40 minutes. The line for cars at the station was much longer, with drivers waiting for up to two hours.
    ASSOCIATED PRESS

 
Bloomberg

The average price for regular gasoline at U.S. pumps fell 20.75 cents in the past two weeks to $3.5454 a gallon even as Hurricane Sandy shut refineries and terminals in the Northeast, according to Lundberg Survey Inc.

The survey covers the period ended Nov. 2 and is based on information obtained from about 2,500 stations by the Camarillo, California-based company. The average is up 11.65 cents from a year earlier. Gasoline is 42 cents below the year-to-date high of $3.9671 on April 6.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The storm, which landed in southern New Jersey on Oct. 29, shut filling stations, distribution terminals and Colonial Pipeline Co.'s main pipeline to the region. Phillips 66 and Hess Corp. refineries remained shut as of Nov. 2, while Philadelphia- are plants were operating.

Gasoline futures on the New York Mercantile Exchange fell 12.27 cents, or 4.6 percent, to $2.5736 a gallon in the two weeks ended Nov. 2, while West Texas Intermediate crude sank $5.19, or 5.8 percent, to $84.86 a barrel.

Total U.S. gasoline stockpiles rose 935,000 barrels to 199.5 million, the third consecutive increase, the Energy Department said Nov. 1.

Gasoline futures rose through the middle of the week on concern supplies would be disrupted for an extended period after Hurricane Sandy shut refineries, pipelines and terminals near New York Harbor, the delivery point for Nymex futures and the supply hub for the East Coast.

Prices fell at the end of the week as some of the facilities resumed operations and the Obama administration waived the Jones Act, increasing the tankers available to carry fuel up to New York from the Gulf Coast.

Customers faced miles-long lines at filling stations in New Jersey, New York City and Long Island as the storm cut power to retail pumps and wholesale terminals. The government also eased blending restrictions to increase supply to the region.

Crude inventories fell 2.05 million barrels in the week ended Oct. 26 to 373.1 million barrels, according to Energy Department data, the most for the last week of October in records begun in 1982.

Oil may rise this week as Hurricane Sandy reduces imports and U.S. inventories while refineries resume operation, a Bloomberg survey showed.

Thirteen of 30 analysts, or 43 percent, forecast crude will increase through Nov. 9. Eleven respondents, or 37 percent, predicted a drop. Six forecast little change. Last week, 44 percent of analysts projected a decline.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.