Gasoline Prices Low Despite Post-Hurricane Shortages, Refinery Closings
AAA's Daily Fuel Gauge Report has the nationwide average price of a gallon of regular gasoline at $3.462. That is down from $3.521 a week ago and from $3.818 a month ago. A gallon of regular goes for $3.937 in California and $3.982 in New York. The price remains above $4 a gallon in Alaska and Hawaii.
The Energy Information Agency (EIA) said yesterday it expects lower gasoline and crude oil prices for the remainder of the year, though the cost of diesel, heating oil and natural gas will go higher. The EIA now expects regular retail gasoline to average $3.56 a gallon in the fourth quarter, down from the $3.60 previously anticipated.
Shortages of gasoline remain a problem in the areas swept by Hurricane Sandy a week ago. The Colonial pipeline has been reopened, but some key gasoline terminals in New Jersey remain damaged. The Department of Energy said that nine of 57 terminals in Sandy's path remain closed, and they all are in the New York metropolitan area. A big Phillips 66 (NYSE: PSX) refinery in Linden, N.J., is not expected to reopen for another two to three weeks. And Hess Corp. (NYSE: HES) said its Port Reading refinery has partial power but still is not operating.
But five tankers are expected to bring gasoline shipments to the New York Harbor by Sunday, after the federal government issued a waiver to a law that prohibits foreign tankers from transporting fuel between ports. BP PLC (NYSE: BP) reportedly has chartered two foreign ships for this purpose.
AAA also offers a list of open gas stations in New York City, New Jersey and Long Island.
Filed under: 24/7 Wall St. Wire, Infrastructure, Oil & Gas Tagged: BP, HES, PSX