As Gas Prices Rise, Oil Refinery Issues Impact What Drivers Pay at Pump
02.16.2024 By Tank Terminals - NEWS

February 16, 2024 [CBS 58]- Gas prices have risen for the third consecutive week.

 

“We’ve gone from $2.63 late last week back up to $3.03 a gallon. So, it’s a huge jump,” Head of Petroleum Analysis for Gas Buddy Patrick De Haan said about the average price of gas in Milwaukee.

He tells CBS 58 the change is due to a power outage closing an Indiana oil refinery earlier this month, coupled with increased oil prices.

“So, we’ve just had several weeks of news that has been pushing the wholesale price of gasoline up,” he explained.

But he said the worst is yet to come.

“We’re also coming into a time of year where we usually start to see gas prices going up. Usually, after Valentine’s Day is over, we get the seasonality that really comes into play,” De Haan said.

With warmer weather inching closer, De Haan said once the refinery – which produces 10 million gallons of gasoline a day – reopens, drivers might see prices go down, but not for long.

“Demand starts to go up as motorists start to get out more and more. We [will] already start the transition to cleaner, more expensive summer gasoline in the next couple of weeks, plus other refineries will be doing maintenance before the summer driving season, and it’s just a matter of time before we see some of these $3 gas prices disappear,” he said.

If you want to save at the pump, you are encouraged to keep up with your car maintenance, plan your routes, and enroll in fuel rewards programs.

 

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