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Massive fire at Philadelphia oil refinery likely to increase gasoline prices
https://www.pressherald.com/2019/06/21/massive-fire-breaks-out-at-philadelphia-oil-refinery/Gasoline futures jumped the most in three months after an explosion and fire at the Philadelphia Energy Solutions oil refinery, the largest on the U.S. East Coast and a key supplier to the New York gasoline market.
The fire threatens to boost fuel prices from Delaware to Maine just as summer driving season begins, a time of peak demand. Gasoline futures for July delivery rose as much as 4.5% on the New York Mercantile Exchange, undermining a 20 cent a gallon average price drop nationally in May and June.
The blaze could shut in about 2.7% of East Coast demand, according to Bloomberg estimates. The fire is under control, but not out, with all employees accounted for. Because it’s a chemical fire, it could burn all day, said Jim Smith, a supervisor with the Philadelphia Fire Department.
“Any shortage ahead of the peak of the summer driving season does not bode well for U.S. consumer pocketbooks,” Joe Brusuelas, chief economist at RSM US, said on Twitter.
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