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Troubles at several oil refineries are driving gasoline prices sharply higher in the Midwest, and the regional shortages are expected to boost pump prices nationwide.
Gas prices in Minnesota, Iowa, Missouri, North Dakota, South Dakota, Nebraska, Ohio, Oklahoma and Wisconsin have spiked up to 43 cents a gallon the past week alone. Behind the rise: outages and extended maintenance, which have curbed output at refineries in Joliet, Ill., Whiting, Ind; Tulsa, Okla, and Eldorado, Kansas.
While the USA may be dripping in new found crude oil deposits and early May supplies were at their highest cheap north face womens jackets levels since the early 1930s, issues at a handful of refineries that turn crude into gasoline and diesel fuel underscore how kinks in the supply chain can cause quick surges in what consumers pay at the pump.
Minnesota is particularly hard hit. Regular grade gas averages $4.26 a gallon this weekend another alltime state record after spiking to $4.15 Friday. That makes Minnesota second only to Hawaii averaging $4.36 for the nation's highest price gasoline. "If another refinery went down, all hell would break loose.
Nebraska, Iowa and north face jacket cheap Oklahoma could also soon set recordhighs, DeHaan says.
Nationally, prices average $3.64 a gallon this weekend weekend after beginning 2013 at $3.29. Some industry observers thought this year's prices had peaked at $3.78 in February after sliding to $3.50 April 29. But the Midwest's refinery issues are now expected to propel prices for several weeks, perhaps to $3.85 a gallon nationwide.
"Supplies were already low in the Midwest that's why we're seeing such a dramatic increase. While this is a regional problem, it's definitely going to push overall prices up no doubt about it,'' says Brian Milne of energy adviser Schneider Electric.
The price surge in the Midwest could have a broader economic impact. Thursday, the Labor Department said April's drop in gas prices helped push consumer inflation down 0.4% Earlier this week, the Commerce Dept. cited lower priced gas for spurring a slight gain in April consumer spending.