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Refinery outage might cause gas price hike soon

• Jan 17, 2018 at 9:40 PM

A refinery outage reported today at a facility in Illinois may cause gasoline prices to rise in much of the Great Lakes as soon as Thursday.

The Illinois Emergency Management Agency (IEMA) reported a "flaring event" at a refinery in Roxana, Ill. on Wednesday morning, according to GasBuddy.com

The disclosure led wholesale gasoline prices to jump nearly 10 cents per gallon, but due to the "price cycling" behavior that takes place in the region in which stations constantly undercut each other, prices may rise much more than that as stations not only pass along the higher wholesale price, but also restore their depleted margin that was sacrificed by the undercutting.

Motorists in Ohio, Michigan, Indiana, Illinois, and areas of Kentucky, Wisconsin and West Virginia might see gas prices spike Thursday or Friday to $2.65 to $2.79 per gallon as a result.

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