Posted in: Gas Prices,
by Patrick DeHaan on Jul 30, 2012 11:27 AM
The Great Lakes is poised to get a bump up in prices, similar in reason to what happened on the West Coast earlier this year as multiple refineries report issues in the region.
Great Lakes region saw prices for immediate gasoline delivery jump 10-cents per gallon early Monday morning and are the highest in the nation, beating out the West Coast for the dubious title of "most expensive wholesale gasoline prices" in the nation.
This coming on the heels of reports of a downed coker at BP's massive Northwest Indiana refinery, and weekend reports of issues at Citgo's Lemont, IL refinery, as well as Phillips 66's refinery in Wood River, IL. Combined, these facilities have the capacity to refine nearly one million barrels of crude oil per day, or nearly 15 million gallons of gasoline per day.
The "perfect storm" for motorists is unfortunately taking place in this region with higher pump prices likely in Michigan, Indiana, Ohio, Kentucky, Wisconsin, and Illinois in the next 72 hours, but could come at any moment.
Outside the Great Lakes, there isn't much significant news to report when it comes to wholesale gasoline prices. While they've risen the last few trading sessions as stocks have risen, they are still trading below their spring peak levels.