(WBBM NEWSRADIO) - Severe weather earlier this week knocked out power to a large oil refinery near Joliet and, as a result, has led to rising gasoline prices in the Chicago area.
An expert says drivers might have to wait awhile before they get relief at the pump.
Patrick De Haan, the head of petroleum analysis at GasBuddy, says the power outage at Exxon Mobil's Joliet refinery in Channahon significantly reduced the amount of available gasoline.
He says that led to a big rise in the wholesale price.
“Fifty-cents a gallon, that’s the increase we’ve been seeing in the wholesale price of gasoline…Compared to earlier this week, most stations that are buying gasoline are spending about 50 cents more, in turn, the retail price of gasoline is likely to go up at least 50 cents, but it may take a couple of days for retailers to pass that along,” De Haan says
De Haan says flaring at the refinery, in which excess gasses are burned off, is a possible sign that operations are ramping up.
But, he says that will likely take several days, so it could be a week or two before drivers start to see relief from higher gasoline prices.
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