Reporting John McDevitt
By John McDevitt
How low will they go? Gasoline prices in the area remain stable or, as in the case in South Jersey, appear to be falling.
There is a glut of gasoline in the region, according to Bob Manning, the director of wealth management at Morgan Stanley, Smith, Barney. He says that’s the primary reason prices remain stable in the Philadelphia area and less than $3 per gallon at some South Jersey pumps.
“Well there is a lot of gasoline around. The refineries have been operating at or near peak capacity for a while and as a result of that there is just a lot of gasoline in the system that has to be worked off and that is currently to the benefit of the consumer,” said Manning.
He says consumers should enjoy the gasoline prices because it only takes something like one good snow storm to change it.
“Take this as nothing more than an early Christmas present from Santa.”