Refinery explosion and fire should drive up gasoline prices in some locations

Source: WCAU Philadelphia

Key Points

• Gasoline futures jumped more than 3% after blasts at a Philadelphia refining complex, which represents 27% of East Coast refining capacity.
• The impact on drivers is expected to be modest, unless the outage is extensive or the damage is more severe than expected.
• Analysts said there could be immediate price jumps of about 5 cents per gallon in the mid-Atlantic region.
• The head of a New Jersey gasoline buyers’ association says gasoline prices were already rising Thursday, as oil prices jumped on Iran tensions, and they could go as much as 10 cents higher at the wholesale level Friday night, due to the refinery fire.

 

Read more: https://www.cnbc.com/2019/06/21/refinery-fire-and-blast-should-drive-up-gasoline-prices-in-some-locations.html