Regional Refinery Problems Blamed for Spike in Gas Price

POSTED BY: WHIZ Reporter
Tuesday, July 31, 2012 - 04:33 PM
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Regional Refinery Problems Blamed for Spike in Gas Price

AAA Ohio is reporting that supply concerns resulting from a series of problems at regional refineries have caused the most recent spike in gasoline prices.

Tuesday, the average price of regular gas was $3.59 a gallon; five cents higher than the day's national average.

AAA Spokeswoman Kimberly Schwind said refineries in Illinois and Indiana as well as two pipelines to Ohio created concerns over supply which drove gas prices up over 20 cents yesterday.

"Over the weekend in that market we saw refinery issues in two Illinois refineries, one Indiana refinery and we're also looking at a couple of pipeline issues as well," said Schwind.   "So all of these things have actually come together to put concerns about supply for our region and when we have concerns about supply, we see the gas prices spike."

Schwind anticipates prices will start to drop off slightly once these refinery problems are resolved.

National gas prices are up over 17 cents a gallon in July, with AAA predicting no change or a slight increase in August for the first time since 2009.

"Prices are rising across the nation, not just in Ohio. We just happen to have a little bit of a larger spike because of the refinery issues," added Schwind.
 

AAA cited the rising crude and ethanol prices to growing geopolitical concerns in the middle east and mixed economic news in the global economy.


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