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Oil Refinery Fire May Lead to Higher Gas Prices

Posted by Sarah Battaglia
Sarah Battaglia
Sarah Battaglia has been our in-house Copywriter and Social Media Specialist since 2011. Born and raised in O...
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on Thursday, 16 August 2012 in ECS

California recently suffered from a massive fire at the Chevron Corporation oil refinery, which is the largest refinery in the San Francisco Bay area accounting for approximately 15 percent of the refining capacity of the entire west coast. It was reported that an eight inch pipe leaked and its contents quickly ignited. Hundreds of nearby residents were evacuated and sent to local hospitals due to eye irritation and difficulty breathing from the billowing black smoke containing sulfuric acid and nitrogen dioxide.

The main concern of public safety is under control, as the majority of the fire has been extinguished, but a new dilemma has made an appearance. Paul Sankey, an analyst for Deutsche Bank, said that the refinery may be out of commission for several months which could lead to a 20 cent increase at the pump.

Taking into account the usual fluctuations in gas prices, GasBuddy.com recorded Sacramento gas prices 41.6 cents higher than just one month earlier. They also confirmed a nationwide increase of 5.4 cents per gallon over the past week, which is 24.8 cents higher than last month.

Time will tell just how many things this accident will impact. If this causes another spike in gas prices across the United States, companies of all kinds may be affected. Those that use tractor trailers, generators, or any other gasoline engines will surely see an increase in their monthly expenditures. Although companies may not have the ability to reduce this expense, they are able to work with an energy consultant that will help them to lower other costs, such as their energy rates. Be sure to contact your local energy consulting firm today to request more information.

Sarah Battaglia
Energy Curtailment Specialists, Inc.

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Sarah Battaglia has been our in-house Copywriter and Social Media Specialist since 2011. Born and raised in Orchard Park, NY, Sarah holds a Bachelors degree in Business Administration and Marketing from the State University of New York at Buffalo. Out of the office, she has a passion for baking delectable desserts, cooking for her family, and riding her bike.

Subscribe to her energy news feed to stay current on trends within the market. She can be found on LinkedIn and Google+.

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