CLEVELAND - Have you noticed gas prices? They've jumped, in some cases, as much as 45 cents from earlier this week. So why the spike?
Patrick DeHaan with Gas Buddy tells us this time of year usually brings steady, lower prices.
No holidays, no busy travel seasons. But it seems the gas industry is anything but usual these days.
“Well the three issues have been refinery maintenance, the Explorer pipeline which had a leak and is partially shut down, and the third is that gasoline inventories as a result, are at a two year low," says DeHaan
He explains three refineries in Illinois, and one in Ohio, are going through maintenance right now, decreasing the amount of gas being pumped through the Midwest.
To top it off, a pipeline that supplies that gas, known as the "explorer pipeline", is also under repair.
So right now, gas is getting to us at a snail's pace.
"Those three factors are really kind of a perfect storm leading up to higher gas prices,” he adds.
But here comes the 1-2 punch:
"The wholesale level that occurred on Tuesday and Wednesday could eventually lead to higher resale prices either sometime today or tomorrow or even sometime next week,” according to DeHaan.
Those maintenance issues are causing a rise in wholesale gas prices too…and that hasn't even been factored into current retail prices.
So DeHaan says....expect another increase of at least 15 to 30 cents in the next few days.
The prices right now are at their highest levels since December of 2014. I'm told the Explorer pipeline should be up and running within a few days. But then it will take a couple of days for gasoline flow to get back to normal. Which means we're looking at, at least a week before prices start heading down again. So hold off if you can!
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