Gasoline Prices Low Despite Post-Hurricane Shortages, Refinery Closings

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By Trey Thoelcke Published
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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.

Photo of Trey Thoelcke
About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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