Refinery Fire May Cause Increase in Gas Prices in Connecticut
Explosion Occurred at Largest Refinery on the East Coast
An explosion and massive fire this morning at the largest refinery on the East Coast could lead to Connecticut motorists paying more for gas. The fire occurred at the Philadelphia Energy Solution’s (PES) refinery, the second fire this month at the complex.
At this time, it is too early to know the full extent of the fire’s impact, including how long the refinery will be offline. However, today’s events could have an impact regionally on refinery utilization, gas stocks and gas prices.
The Energy Information Administration’s latest regional data indicates stock levels are at their lowest since 2015. If stocks are to drop even lower, regional gas prices are likely to be more expensive, though imports could help offset the decline and assist with keeping any pump jump on the moderate side.
Gas prices across Connecticut have been falling steadily since early May when they peaked just over $3 per gallon. Today's average is $2.83 - 27 cents lower than the statewide average last year on this date.
AAA will continue to monitor the situation and provide motorists with updates on how this will impact summer gas prices.
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