Refinery issues near Chicago driving up gas prices in Louisville, experts say
LOUISVILLE, Ky. (WDRB) -- Depending on where you are, you may be suffering some sticker shock over gas prices that shot up about $.50 a gallon Wednesday.
The huge jump comes after a shutdown at a refinery near Chicago. Even though none of Louisville's gasoline comes from there, the issue is driving up the prices wholesalers are charging retailers throughout this part of the country.
"If you're a refiner who hasn't had an issue at your refinery, you are a beneficiary, and you're getting in some cases, three, four or five times the margin that you would ordinarily get," Tom Kloza of Oil Price Information Service said. "But, that's capitalism, it's not collusion. And, unfortunately, for a lot of people who tend to demonize oil companies, that is the way the market works."
In fact, Kloza says the price Marathon charges retailers here has actually shot up by more than the $.50 a gallon increase you're seeing at the pump.
He says the good news is the problem at the refinery in Whiting, Indiana, is expected to be resolved within the next couple of weeks. He says the better news is after that, prices should drop to near $2 a gallon before the end of the year, because of falling oil prices.
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