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[SwiftDeath]

http://www.wthr.com/story/29874575/indiana-gas-refinery-running-again-gas-prices-expected-to-drop

BP's refinery safely restarted Tuesday, according to a statement from BP obtained by GasBuddy.

As such, Patrick DeHaan, senior petroleum analyst with GasBuddy.com, anticipates a steep decline in the price of gasoline throughout the Midwest, so long as operations at the refinery (and other refineries in the region) continue with no new problems.

Gasoline prices in Illinois, Michigan, Ohio, Indiana, Wisconsin and neighboring states affected by the refinery could fall 20-50 cents a gallon over the next two weeks, according to DeHaan.

I tried not to copy the whole article but it's quite short so it's most of it

So my recommendation would probably be to hold off on filling up if possible and/or fill up partially if the gas station you fill up at is already on your daily route

Lock if old

Also a helpful chart

 

[tekumseh]

Fucking petroleum industry. Took two days following the refinery incident for gas prices to rise by 75 cents in the state, and two WEEKS for them to return to the pre incident price at the pump...

 

[andycapps]

It's okay, there's other refineries they can fuck with, I mean, perform unscheduled maintenance on.

 

[Zoned]

Meanwhile in California...

 

[EYEL1NER]

I talked to my wife half an hour ago and she said she filled up this morning in SC for $2.08/gallon. So close to dipping under $2.00....

 

[Kieli]

I talked to my wife half an hour ago and she said she filled up this morning in SC for $2.08/gallon. So close to dipping under $2.00....

54.2 cents per liter?!?!?!?

That's absurdly cheap.

Edit: Then again, 54.2 cents US is about $123,456,789.00 CAD.

 

[perfectchaos007]

I talked to my wife half an hour ago and she said she filled up this morning in SC for $2.08/gallon. So close to dipping under $2.00....

It's already under $2 here in Texas. I saw $1.93 yesterday and most stations are $1.99

 

[speculawyer]

Fucking petroleum industry. Took two days following the refinery incident for gas prices to rise by 75 cents in the state, and two WEEKS for them to return to the pre incident price at the pump...

Well, it is a free market and thankfully there are alternatives to oil based transport now.

SelfAvatarQuote.jpg

 

[uncelestial]

So is this going to start cutting in to our excess oil supply and start pushing the price of oil (WTI) back up?

 

[SwiftDeath]

Oh so I made a slight mistake with the title

http://www.ft.com/fastft/381951/bp-returns-whiting-oil-refinery-full-action

BP said it:

Has safely restarted a large crude distillation unit that had been shut down since Aug. 8 for unscheduled repair work.

Restart of this unit is increasing the refinery's fuel production, with output ramping up over time.

The rest of the refinery continues to operate safely. In the meantime, the company continues to meet its contractual fuel supply obligations.

I'll PM a mod a more appropriate title

 

[Agent Icebeezy]

Good, Whiting is 15 minutes from my house. The day shit went wrong, gas shot up to over $3.

 

[Mookie1515]

Thank goodness. Keep hearing every day on the radio "OIL BARRELS AT ALL TIME LOW, NATIONAL AVERAGE IS (BLANK)" and passing by pumps selling unleaded for $3.00+ and crying.

Gimmie dat sub $2.00 price!

 

[irfaanator]

it was like almost sub 2 during the summer but at the end it was like 3 bucks a gallon. Hopefully it falls again now

 

[daveo42]

Cool. I'll be sure to try and avoid filling up for another two weeks as gas prices come down closer to the national average. It's still about $2.80 in Ohio.

 

[TheBaldEmperor]

Thank goodness. Keep hearing every day on the radio "OIL BARRELS AT ALL TIME LOW, NATIONAL AVERAGE IS (BLANK)" and passing by pumps selling unleaded for $3.00+ and crying.

Gimmie dat sub $2.00 price!

Yeah. Gas is still at 2.80 something here in Michigan.

 

[LordDash]

Yeah. Gas is still at 2.80 something here in Michigan.

It's hovering about 2.50 here in Kansas, I believe two weeks ago it was 2.3 or something close.

 

[Plinko]

It rose a dollar in literally two days around here.

Can't wait to see it drop 5 cents a week until it gets back to that price.

 

[SwiftDeath]

Yeah. Gas is still at 2.80 something here in Michigan.

It's going to be a slow decline I bet

It's hovering about 2.50 here in Kansas, I believe two weeks ago it was 2.3 or something close.

Man gas is cheap in Kansas

 

[alejob]

I feel like we are getting robbed blind. Oil prices are down and have been lower than what they were back in February and yet gas prices are fairly high. We are paying almost 50% more than what we did then. Im thinking we are subsidizing the shale drillers now. Prices are being kept artificially high.

 

[Ganhyun]

Funny enough, Georgia passed a new gas tax not too long ago apparently and a couple of weeks ago, stations were confused as to if it was in effect or not as some were 20 cent cheaper than other stations around them. A couple weeks later those cheaper stations rose up to the price of the others, so I guess they got the memo.

 

[SwiftDeath]

I feel like we are getting robbed blind. Oil prices are down and have been lower than what they were back in February and yet gas prices are fairly high. We are paying almost 50% more than what we did then. Im thinking we are subsidizing the shale drillers now. Prices are being kept artificially high.

Well looking at the graph below you can tell where things stand depending on the spread of the midwest location [Rockford, IL] and the US average versus the state of the oil refinery

• Prior to the refinery shutdown [partial shutdown], the Rockford area was paying around 7 cents less a gallon for gas than the US average
• At the peak price after the shutdown which occured roughly 5 days after the shutdown, rockford was paying around 37 cents more a gallon more than the US average
• Once the refinery was repaired [but not fully operational I guess?] the rockford area was paying around 15 cents more a gallon than the US average a week after the refinery was repaired

Thus we're still do something like a 22 cent drop relative to the US average to at least get back to where we were. I'm sure that will happen anyday now...

Spoiler