US Gasoline Falls to $3.54 a Gallon

From Bloomberg Business Week

By Barbara J. Powell and Moming Zhou

The average price for regular gasoline at U.S. pumps fell 20.75 cents in the past two weeks to $3.5454 a gallon 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 the lowest since July 27 and the decline is the steepest since December 2008. Gasoline is 42.17 cents below the year-to-date high of $3.9671 on April 6. Prices are still up 11.65 cents from a year earlier.

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. (HES) refineries remained shut as of Nov. 2, while Philadelphia- area plants were operating.

“We have demand destruction from storm Sandy on top of much lower crude-oil prices,” Trilby Lundberg, president of Lundberg Survey, said in a telephone interview.

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