Gas prices jump due to closing oil refineries

Print
Email
|

by SHELTON GREEN / KVUE News and photojournalist MATT OLSEN

Bio | Email | Follow: @SheltonG_KVUE

kvue.com

Posted on February 18, 2013 at 11:46 PM

Updated Tuesday, Feb 19 at 12:01 AM

AUSTIN – Central Texas drivers have no doubt noticed that gas prices have taken a huge jump lately but most have no idea why.

Experts with Triple A tell KVUE that part of the reason in the jump in prices has to do with the shutting down of two refineries, one permanently, the other for the switch over to summer gas.

Other experts say an uptick in the U.S. and China economies are also a factor.

One local professor of finance said a congestion of crude oil at the Cushing, Oklahoma refinery is also a reason.

“We need the Keystone Pipeline, especially the southern branch coming out of Cushing so that we can refine it in Houston and get it to the rest of the country,” Dr. Ronn said.

Gasoline prices have jumped more than 40-cents locally in just a month’s time.

Dr. Ronn told KVUE he doesn’t believe that gas prices will hit $4 a gallon this summer.

 

Print
Email
|
 
Outbound Yahoo Video Feed Video
More Video