Philadelphia Refinery Explosion Already Sending Gasoline Prices Higher

This morning's refinery fire in Southwest Philly caused national headlines (check out all the updated info on it right here) and it looks like it's not done making news yet - NBC10 reports that the East Coast should expect rising gas prices in the coming days due to the fire.

Gasoline futures jumped 3.5% as a result of the fire, and pump prices on the East Coast are expected to jump at least 3 to 5 cents per gallon as a result of the explosion. Wells Fargo even had to write a note to its clients today to get them ready for the rise.

NBC10 also reports that three *separate* explosions blew around 4am in a vat of what "is believed to be mostly propane" despite the earlier proclamation by the Philly Fire Department that the cause was butane. We expect to know more officially in the coming days.

NBC10 also reports this in terms of gas prices:

“It’s a serious outage that’s going to greatly affect the East Coast in particular,” said John Kilduff of Again Capital. “There’s a cushion for drivers because we’re well supplied, but if there’s major damage, it’s going to change that dynamic dramatically.” 

 

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