Posted in: Gas Prices,
by Patrick DeHaan on May 16, 2013 02:18 PM
It's so bad that the EIA says refineries are inputting the lowest amount of crude oil into their refineries for this time of year since 1990. The outcome is tightening supply that make take several weeks to build.
Another big question: how long will it last and how high will prices go?
At this writing, prices may continue rising in these seven Plains states (MN, SD, ND, KS, IA, NE, MO) for perhaps as long as another week or two. High prices may linger if motorists continue to flood enmasse to fill their vehicles. Prices will probably not come back to the high $3s for several weeks. Prices may remain high in these areas until late May or early June.
Is anyone else affected?
Yes, the Great Lakes states (MI, IN, WI, IL, OH) are also seeing prices move higher, and prices may spike soon to over $4/gal in Michigan, and Indiana, while moving very close to $4 in Ohio. Illinois and Wisconsin already see a lot of $4s in the metro areas, they may see another 5-15c/gal hike by next week. Similar reasons for the hikes- tight supply after the switch over to summer gasoline.
Hold on! The ride will likely get worse, as I indicated, before it gets better. If you're outside the Midwest you're likely not impacted as much, as price increases are set to slow down on the West Coast. The Gulf and East Coasts seem unaffected at this time, but if their shipments become diverted to more attractive markets, there could be an impact down the road.
Stay with us on this, and for the latest updates, follow us on Facebook!