Gas prices down as imports fill gap left by closing of Philly refinery

Delaware Valley drivers saw a drop in gas prices as fears of hurricane damage lessened and imports helped plug the gap left by the closing of the Philadelphia Energy Solutions refinery.

The price at the pump in Delaware stood at $2.54 on Monday, down two cents overnight and five cents lower in the past week.  

Crude oil prices decreased four out of five days this week, down $4.58 since last Friday which, along with an increase in gasoline inventories, kept prices stable.

At the close of NYMEX trading on Friday, West Texas Intermediate crude oil settled at $55.63 per barrel, $4.58 lower than last Friday’s close, dropping seven percent. Crude prices tumbled this week amid expectations of increased supply from refineries and platforms in the Gulf of Mexico evacuated or shut down prior to Hurricane Barry’s landfall last week.

Prices were also pushed lower by reports of talks between the U.S. and Iran. This week’s Energy Information Administration’s (EIA) weekly report showed a larger than expected draw in crude supplies but a large increase in gasoline inventories.

“An increase in gasoline inventories and a dip in the cost of crude has helped to keep gas prices stable on the East Coast,” said Jana L. Tidwell, manager of Public and Government Affairs for AAA Mid-Atlantic. “Imports shipped in response to the Philadelphia Energy Solution refinery explosion in June have helped to offset a sharp increase at the pump.”

The EIA expects monthly average gasoline prices peaked for the year in May at an average of $2.86 per gallon and expects the national retail price to average $2.65 per gallon in 2019 and $2.76 per gallon in 2020.

To check out gas prices in your neighborhood, log on to AAA’s  Fuel Price Finder (http://www.AAA.com/fuelfinder).