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Published: Fri, November 03, 2017
Culture | By Antonia Gonzales

Oil Expert: Indiana gas prices could near $3

Oil Expert: Indiana gas prices could near $3

However, current Wyoming gas prices are 1 cent higher than the national average of $2.45 per gallon, according to GasBuddy.com, a gasoline tracker and mobile app. "It the case of Exxon Joliet refinery, (It's) nearly two-and-a-half times the size of the Co-op refinery we have in Regina, that has gone through maintenance as did two other refineries".

Gas prices spiked by almost a quarter on Monday to between $2.65 and $2.69 at many southwest MI locations.

In addition, a major pipeline used to transports gas from the Gulf Coast region had a leak last week that also contributed to the lack of supply.

Those issues have led to the lowest gasoline inventories since 2015 when the BP refinery shut down in Whiting, Indiana.

A major problem that the Great Lakes doesn't have that other regions do: the ability to resupply via waterborne shipments and pipeline deliveries, said DeHann.

Prices across Regina were, on average, around 109.3 cents per litre. GasBuddy estimates prices could soon rise to $2.99/gallon in MI, $2.95/gallon in IN, and $2.89/gallon in OH and Kentucky.

Analysts warn drivers to be prepared for high gas prices.

As the map below shows, central IN seems to be getting hit the worst, with gas prices rising highest IN the areas surrounding Indianapolis.

DeHaan says the fix could be completed in a few days, but that it will still take more maintenance to set it right. "Even then, it will take days for gasoline flows to return to normal, and the problem of refinery maintenance will still linger". That forced refiners to push back other maintenance to focus on hurricane related repairs, and are now limiting refinery output in an attempt to catch up on delayed maintenance.

DeHaan said they should come back down to the $2.30-$2.50 range by Thanksgiving and Christmas, but he doesn't expect prices to dip below $2 into the foreseeable future.

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