Refinery issues will likely drive up gas prices
April 23, 2015
On Wednesday Chevron's Richmond, Calif. refinery reported it was flaring, which almost immediately brought concerns that the market could face supply tightness, and sent wholesale gasoline prices soaring, according to Patrick DeHaan, senior petroleum analyst for gasbuddy.com. Flaring is an event that refineries undergo when the refining process is upset and pressure needs to be alleviated. On Thursday Tesoro said its Martinez, Calif. refinery was also having issues. The expected jump could be similar to jumps seen earlier this spring when other refinery issues led to a large jump in retail gasoline prices.