Gasoline prices surge in U.S. Midwest following BP refinery fire

Sep. 22, 2022 5:42 PM ETBP p.l.c. (BP), PBF, CVE, CVE:CABy: Carl Surran, SA News Editor58 Comments

Concept Rising Price of Gas

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This week's fire at BP's (NYSE:BP) Husky Toledo refinery in Ohio caused gasoline prices to rise in neighboring Indiana by more than any state, with Ohio itself and Michigan set to follow, Bloomberg reported Thursday.

Average pump prices for motorists jumped nearly $0.06/gal overnight in Indiana, following higher wholesale and rack prices that surged by as much as $0.40/gal in some areas of the state, price reporting agency Opis said.

The fire at the Toledo refinery killed two workers and forced the plant to shut down.

The fall refinery maintenance season currently underway could further reduce Midwest stockpiles from the record low set earlier this month.

While BP (BP) shares have seen little effect from the incident, PBF Energy (NYSE:PBF) has jumped 12.8% during the past two sessions, as its refinery near Toledo is seen to benefit from reduced competition following the BP shutdown.

But shares of Cenovus Energy (NYSE:CVE) have tumbled nearly 10% in two days, as the fire could jeopardize its planned purchase of the refinery, which was announced last month.

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