Why are gas prices going up in OH right now?

Posted November 03, 2017

Analysts says refinery maintenance, a major pipeline outage, and low gasoline inventories may cause average prices to surge over the next few weeks. Patrick DeHaan from www.gasbuddy.com is warning prices at the pump could soon rise in MI to $2.99 a gallon. "It the case of Exxon Joliet refinery, (It's) nearly two-and-a-half times the size of the Co-op refinery we have in Regina, that has gone through maintenance as did two other refineries". However, due to Hurricane Harvey in the south, he said numerous refineries pushed their upkeep work back by two to three weeks due to the storm.

"Most of the fuel delivered to the B.C. Interior comes from Edmonton and Edmonton fuel pricing is based on USA mid-west gas price futures set on the Chicago Mercantile Exchange".

All of these issues have pushed gasoline inventories to their lowest levels in more than two years.

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Other states in the Great Lakes region will also soon feel the pinch. The national average has decreased 8.9 cents per gallon during the last month and stands 25 cents per gallon higher than this day one year ago.

In addition, the refinery maintenance issues are expected to linger, but he says barring any other unforeseen problems, gas prices should fall again before it's time to head home for Thanksgiving.

Patrick DeHaan, head of petroleum analysis for GasBuddy, says Indiana, Michigan, Ohio, Kentucky and IL may soon see gas prices rise to their highest since 2015 due to several different issues including refinery maintenance, a major pipeline outage and low gasoline inventories.

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Previous year saw some of our lowest gas prices in the past decade with gas prices barely rising to the $2.00 mark throughout the first half of 2016.

GasBuddy says gas prices will eventually drop once the leak in the Explorer Pipeline is repaired.

Even then, it will take days for gasoline flows to return to normal.

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