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Refineries back on line
Wed June 12, 2013
Analyst Says Gas Prices Should Go Down Soon
Gas prices should be trending downward. That word from Senior Petroleum Analyst for the website gasbuddy.com Gregg Laskoski.
Northwoods motorists have seen prices above $4.00 a gallon for a couple of weeks. Laskoski says the statewide average is $3.98 today. He says summertime is traditionally a time for higher gas prices, but this spike was caused by a refinery problem..
"...the Great Lakes region has been hit hard. In fact, the price volitility there has been greater than any other part of the country. It's due largely to supply problems caused by supply problems that were caused by problems at five different refineries, all of which serve this region..."
Laskoski says a new large refinery is coming online in Indiana within days, and the other refineries are also getting over the supply problems. He says the largest current refinery was only operating at about 20 percent of capacity, and that refinery is getting back to full production. He says those changes should result in lower prices soon...
"...we're turning a corner, it looks like these refineries are getting back online and it think...you're going to see prices moving lower. The one caveat is the weather and anything that comes about as the result of hurricane season..."
Laskoski says if hurricanes disrupt refining in the south, it will again spike gas prices.