PHILADELPHIA (KYW Newsradio) -- The massive explosion and ensuing fire at a South Philadelphia Oil Refinery could have a much bigger impact than some people might expect. The fire has the largest refinery on the East Coast temporarily shut down, and that could lead to an increase at the pump.
While most people's initial reaction to the incredible images that came from the explosions and fire at the Philadelphia Energy Solutions refinery was concern for workers in the area, oil industry analysts and economists immediately saw something that could cost us.
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AAA Mid-Atlantic's Jana Tidwell says one place we could see instant change is at the gas pump when we venture out for vacation or other summer activities. But Tidwell says how much depends on a few factors.
"We don't know how long P.E.S. will be offline, how long it will be shutdown, we don't know the greater impact there," Tidwell said. "That will definitely determine what happens with crude oil prices and gas prices."
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However, Tidwell says AAA is predicting at least a temporary increase of about five to ten cents. The good news is that gas prices are actually down about twenty cents from this time a year ago, so even a slight increase leaves drivers in a better position than they were at the start of last summer. But Tidwell says there are other ongoing issues that could make prices for crude oil jump even higher, like rising tensions with Iran, who shot down a U.S. surveillance drone earlier this week.
"That incident alone sent crude oil prices up five percent on Thursday," she said. "That was the single highest gain of any day so far this year."
But again, Tidwell stresses that AAA's prediction is just that, a prediction and not a definite, and there are a number of factors like how long the P.E.S. refinery is shutdown.