The station, located near the T station at the edge of the Smithfield Street Bridge, is currently under construction. It will be owned by Desdemona Holdings LP and operate under the American Natural Retail brand.
Desdemona Holdings received a $372,300 grant and $248,200 loan to help complete the project. Desdemona is a wholly owned subsidiary of Cleopatra Resources LLC, a New York-based energy company with local offices near Homestead.
Gas prices in the Philadelphia region are falling — and if that trend continues, the price could soon dip below $3 a gallon at some stations.
GasBuddy is reporting prices as low as $3.05 this morning in Woodbury, Gloucester County. Gas can be found for $3.11 at other stations in South Jersey, and as low as $3.28 in the Pennsylvania suburbs and $3.29 in Northeast Philadelphia.
The average price for a gallon of regular gasoline in the Philadelphia area is $3.46 in Pennsylvania and $3.24 in New Jersey, according to AAA.
Falling gas prices have brought a little bit of holiday cheer at the gas pump where many in the region had grumbled while the price of unleaded hovered around the $4 mark.
The average price of unleaded regular has dropped to $3.75 a gallon in the Buffalo area, down from $3.89 a month ago, according to GasBuddy.com, which tracks gas price trends across the country. Nationally, the average price was down to $3.27 a gallon as of Saturday.
The downward trend can be attributed to two things, according to Gregg Laskoski, senior petroleum analyst for GasBuddy.com.
English: Cropped portion of image from USGS report showing extent of Marcellus Formation shale (in gray shading). (Photo credit: Wikipedia)
PITTSBURGH, PA – There’s been plenty of debate over the Marcellus Shalenatural gas field, but new research adds a twist that could impact political and environmental battles. Two independent financial firms say the Marcellus isn’t just the biggest natural gas field in the country – it’s the cheapest place for energy companies to drill.
One of the reports adds that the Marcellus reserves that lie below parts of Pennsylvania, West Virginia, Ohio and New York are far larger than recent government estimates, while another said the powerful combination of resource, cost and location is altering natural gas prices and market trends across the nation.
The Marcellus could contain “almost half of the current proven natural gas reserves in the U.S.,” a report from Standard & Poor’s issued this week said.
Another recent report from ITG Investment Research, a worldwide financial firm based in New York, found that a detailed analysis of Marcellus well production data suggested that federal government estimates of its reserves “are grossly understated.”
Prices at the pump have been inching higher all month, but don’t expect the trend to continue, according to AAA.
The summer driving season spikes demand and tends to push prices higher, and the recent rise may have been partly fueled by concerns about a possible confrontation with Iran over its nuclear program, according to the drivers’ association.
The outlook, though, is for prices to stay level through Labor Day.
At the end of June, a gallon of regular averaged 3.40 a gallon in the five-county Philadelphia area.
Global demand and renewed popularity for the low-cost fuel have combined to put a strain on Pennsylvania anthracite supplies with a rather surprising result. People in the coal region are having trouble finding fuel for their stoves and furnaces.
It also shows how coal, which over the past 60 years has faded from its position as a dominant home heating fuel to a small niche market, is making a comeback in the face of high oil costs. A ton of coal, which can cost about $180 in the coal region, provides the same amount of heat as 180 gallons of heating oil, which would cost $630.
That price difference has encouraged many Pennsylvanians to use coal for heat. About 1.4 percent of Pennsylvania households have coal as a primary heat source in 2010, according to the U.S. Census Bureau.