Experts are continuing to try and inform the public on exactly why the prices jumped dramatically last week by 80 cents or more a gallon in the Midwest.
They say we need to understand that a Whiting, Indiana refinery, the 6th largest in the nation, whe 240 thousand barrels of crude oil are produced there every day, cut it’s production by 50 percent. Holes were found in the crude distribution piping causing a fire hazard. The holes had to be repaired.
Scott Imus, is the Executive Director of the Indiana Petroleum and Marketers and Convenience Store Operators. He says another eason prices rfactor is the times in which we live. No longer is fuel stored in above ground tanks for several reasons.
Imus says in many cases stations operated at a loss for the first few days but eventually one of them had to raise prices….
It could be weeks before we see prices drop again. It comes at a bad time when globally oil is under 50 dollars a barrel. We were all looking forward to gas at two dollars or below to be a reality this fall.