February 22, 2018

Local gas prices could rise close to $3/gallon

03 November 2017, 12:33 | Erma Lawrence

Gas prices on the rise in Illinois

Why Gas in Indiana is Higher, and Could Reach $2.95 a Gallon

"Motorists are cautioned to prepare for higher gas prices soon", says Patrick DeHaan, the head of Petroleum Analysis for GasBuddy.

With Harvey long gone, deferred maintenance is now all taking place at once, along with other planned maintenance, and that has cut production.

According to AAA, the average price of a gallon of gas on Thursday was $2.72, compared to $2.61 Wednesday and $2.05 this time previous year.

Second, the Explorer Pipeline, with the capacity of nearly 700,000 barrels per day, sustained a leak last week, which interrupted the ability for relief supplies to be sent from the Gulf Coast.

Those issues have led to the lowest gasoline inventories since 2015 when the BP refinery shut down in Whiting, Indiana.

"Michigan, Indiana, Ohio, Kentucky and IL have been particularly hard hit this week, and gas prices may soon rise to their highest since 2015".

These cuts have resulted in gradual gasoline increases throughout the country, but due to the regional issues mentioned above, customers in the Great Lakes region have experienced the brunt of the pain at the pump.

DeHaan expects relief once the Explorer Pipeline is repaired.

Along with the Explorer pipeline getting fixed, McTeague said a lot of the major refineries down south are conducting annual maintenance a bit later than usual. 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.

Analysts warn drivers to be prepared for high gas prices. The lowest average fuel price in the state since 2008 was recorded at $1.41 in February of that year.

The issue is also causing gas prices to skyrocket in areas of Canada as well. Prices in Coldwater Thursday morning ranged from $2.63 to $2.69 per gallon.

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