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Oil Market Threw A "Temper Tantrum": Analyst

en.wikipedia.org

An industry analyst says the petroleum market threw a "temper tantrum" last week, and as a result summer time gas prices went up sharply.

While prices are prone to rise during the summer travel season, Patrick DeHaan from the website gasbuddy.com reports a federal report sparked a furor...

"....prices really accelerated late last week. That was after the government's weekly report came out Wednesday highlighting a large decrease in crude oil inventories...."

DeHaan says three Midwest refineries were shut down because of maintenance or problems, and after prices plunged earlier this year due to an abundant supply, companies began lowering production. He says the refineries that have been off line are back to production, so that should stabilize the cost.

Statewide he says the average cost in Wisconsin went from $2.71 per gallon last week to $2.81 this week.

In Rhinelander, the price has held at about $2.73 a gallon.

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