AAA Southern New England’s latest survey found the local price for a gallon of gasoline has dropped two cents in the last week.
According to the auto club, this is only the second week since prices began steadily increasing on April 2 that gasoline prices have dropped from the previous week.
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AAA’s June 11 survey of local gas stations found the average price per gallon of self-serve, regular gasoline to be $1.76; $1.86 for midgrade; $1.93 for premium; and $1.66 for diesel. The corresponding prices per gallon for full-service gasoline were $1.85, $1.94, $2.03 and $1.71.
It is unclear as to whether prices will continue to drop, given recent upsets in refinery and shipping. According to a report issued by Bloomberg yesterday, nationwide the price for gasoline rose for the first time in three sessions upon speculation that a series of refinery closings and shipping disruptions in Texas and Louisiana will limit inventory increases over the next few weeks.
The Crown Central Petroleum Corp. refinery in Pasadena, Texas was closed due to flooding from a tropical storm, and Lyondell Chemical Co.’s Houston refinery was damaged in a weekend fire, the report said. In addition, the tropical storm closed the Louisiana Offshore Oil Port — the biggest U.S. crude oil import terminal — twice in the past week, the report said.
According to the report, gasoline for July delivery rose 1.17 cents, or 1.3 percent, to 89.51 cents per gallon on the New York Mercantile Exchange. However, prices are down from the record $1.175 reached on May 24.
