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Relief From Gas Price Spike Won’t Come Quickly

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gas prices pump1 Relief From Gas Price Spike Won’t Come QuicklyIf you head to the pump today – don’t be surprised to see much higher prices. The spike, affecting Midwestern states, was caused by last Thursday’s pipeline break in suburban Chicago, and it may be a while before prices come back down.

Enbridge, the company responsible for the latest pipeline break, as well as the 820,000 gallon oil spill in the Kalamazoo River, has until noon tomorrow to stop the leak, according to a federal official.

Since the leak was discovered, crews have been excavating along the pipe 24 hours a day, in hopes of meeting their deadline. But even after the leak is stopped, the price increase may not.

Mike Evans, the Executive Vice President of Atlas Oil, explained that as oil refineries purchase additional crude oil, there are complications.

“They’re used to running a certain type of crude, and when something like this happens they have a hard time getting, not only crude, but getting the type of crude that they run, and that disrupts the refinery and their ability to produce the products we’re using at the pump,” he said.

 If Evans’ predictions hold, it could be several weeks before we see relief at the pump.

(Copyright 2010 WWJ Radio.  All Rights Reserved.)

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