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U.S. Fuel Prices Surge As Refinery Outages Tighten Supplies
Eko Hot Blog reports that increasing refinery outages and tightening fuel supplies are driving up fuel prices in the United States. U.S. oil refiners, responding to high demand for gasoline and diesel, have faced over 50% more mechanical outages in the first nine months of this year.
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These outages, combined with increased planned maintenance, are straining fuel supplies and pushing prices higher.
The issues initially emerged in the Midwest, with retail gasoline prices hitting $4 a gallon in Minnesota on September 11, the highest in over a year.
Problems then spread to the West Coast, where prices reached $6 a gallon in Los Angeles and San Diego this week, also the highest of the year. These refinery outages preceded the price spikes.
Mechanical outages, including compressor failures, steam loss, tube leaks, and similar problems, have been reported at U.S. refineries at a 53% higher rate in the first three quarters of this year compared to the same period last year.
In addition to refinery issues, soaring global crude oil prices, exceeding $90 a barrel, have contributed to rising fuel prices nationwide.
Switching to cheaper winter-grade gasoline this month might offer some short-term relief, but with already depleted fuel inventories and ongoing refinery outages, further price increases later in the year are a concern.
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As of September 15, U.S. gasoline stocks were 4% below the five-year average for this time of year, and diesel and other distillates were 14% lower.
The spread of refinery outages is impacting both the East Coast and West Coast, with the Northeast also starting to feel the effects as major refineries undergo overhauls.
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