How about a sneak peak at gasoline prices over the weekend, and some talk of BP actually improving safety at its U.S. refineries? Read on!
I'm hopeful that the national average will reverse its climb this weekend, but retailers will be slow to lower their prices as they maintain healthy margins. Retailers in the Midwest are seeing the biggest margins, with prices that had increased to near $2.90 in many areas. Wholesale prices prompted the jump there, but have quickly dropped while retail prices still remain relatively high.
Prices on the East Coast should hold pretty steady. There is a slight chance for some areas to see small increases towards the Canadian border.
Prices in the Midwest should fall all weekend (reasons mentioned above).
Prices on the West Coast should remain stable (-2 or +2 of today's prices on average), while the South may be at higher risk to see prices increase slightly.
There will be very few major increases anywhere, if at all.
On to news that BP has improved safety at its U.S. refineries... according to Bloomberg, BP Plc has "made exceptional changes" that have improved safety at its six U.S. refineries since a 2005 blast at its Texas plant that killed 15 workers, the vice president of the United Steelworkers said.
The article said "They’ve (BP) made exceptional changes,
"Gary Beevers, USW vice president and the union’s lead negotiator, said today in an interview during the USW’s National Oil Bargaining Conference in Irving, Texas. The company has installed equipment, including flare equipment and revamped piping, and "inspected everything" at the Texas City refinery, he said.
"I’m pleased with the progress they’ve made in terms of process safety," Beevers said. "But I’m never going be satisfied with where that plant is till they quit getting citations."
Beevers said BP has improved safety at its other refineries, in Indiana, Ohio, Alaska, Washington and California.
What do you think?