Gas prices rise following Lemont refinery shut down - DC News FOX 5 DC WTTG

Gas prices rise following Lemont refinery shut down

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CHICAGO (FOX 32 News) -

Gas prices are at the lowest point they've been in almost a year, but they quickly rose 10 to 15 cents a gallon on the spot after a fire in the southwest suburbs shut down part of a big refinery.

Citgo's Lemont facility refines 167,000 barrels of oil a day into gasoline and other petroleum products. Officials said it was not clear when it would resume full operations.

The partial shutdown created a temporary oversupply of crude oil from Canada and prices on that side of the market slumped to near $70 a barrel.

"If they're able to bring this refinery back online within a couple of days, you could see a bonus," FOX's Phil Flynn explains. "Prices went up 15 cents. They may fall 25 cents when this refinery is back online."

Flynn warned that, if it takes longer, prices in Chicago might rise a bit more. But he said surging supplies of energy in Canada and the U.S. will eventually force gasoline prices here to drop dramatically. Barring a major disruption, he said the national average price could fall below $3 a gallon by Christmas time.

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