Drivers in different parts of the US will continue to see gas prices rise, due to a consortium of oil-producing countries taking more than a million barrels a day off the market.
One factor driving up gas prices is ethanol, a corn-based fuel that refiners are required to mix in to summertime gasoline blends. Flooding in key Midwestern ethanol production hubs like Chicago has disrupted the delivery of ethanol and made supplies scarce.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
Oil prices are climbing, but that only accounts for about one-quarter of the recently higher gas prices American drivers have been facing, he said. A bigger issue is that this is around the time of year when many oil refineries plan maintenance as they make their annual switch to summer-blend fuels. “At OPIS, we still think gasoline prices on balance for the driving season are going to be slightly lower than they were last year. The major exception to that is the West Coast,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. “We’ve added 2.4 million barrels a day of refining capacity, but it’s all been added in the Midwest and Gulf Coast,” he said.
Looking beyond the immediate West Coast supply crunch, analysts said they expected geopolitics and the activities of OPEC and non-member allies like Russia to have a greater influence on prices.
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