Syracuse area gas prices drop sharply

31 Aug 2015 | Author: | No comments yet »

Gas Prices Plunge As BP Refinery Goes Back Online.

Average retail gas prices in Houston came in at $2.25 a gallon Sunday, down 7.1 cents per gallon in the past week, according to GasBuddy’s daily survey of 2,559 gas outlets in Houston.CHICAGO (CBS) — Repairs at BP’s Whiting, Ind., refinery sent gasoline prices plunging last week across Chicago and nationwide, the biggest single-week drop this year. “Prices moved lower in all but one state, Utah, with plunges at the pump throughout the Great Lakes as a result of BP’s Whiting, Indiana refinery coming back online. “The national average now stands at its lowest point since April, a fitting way to close out the summer driving season with Labor Day approaching.” In addition, BP’s Whiting refinery in the Midwest- which went down unexpectedly a few weeks ago- has returned to service, alleviating concerns of a supply shortage and ushering in lower prices in response.Most Grand Rapids-area stations price gas around average, though Costco members can fill up at sub-$2.30 prices in Cascade and Wyoming, according to the crowd-sourced website.

With refinery maintenance season coming up and the demand from refiners decreasing, oil prices could face more downward pressure on the horizon in the near term. The cost of crude oil is the major component in the pump price of gasoline, but changes in the pump price of gasoline typically lag changes in crude oil prices.

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