Gas Price Spike Caused by Refinery Issues

FORT WAYNE, Ind. (WOWO): Shock at the pump after gas prices have gone up 30 cents a gallon, having dipped below $3.00 earlier this week. Phil Flynn, an energy market analyst with Price Futures Group, explains that there was an explosion at the Citgo Refinery in Lemont, which means they won't be running at full capacity. He says that would be okay if all the other refineries were working, but “We had two other refinery outages yesterday. That caused some panicked buying in the cash market.” Flynn does say these issues should be temporary and we should get back on the downward trend within a couple weeks.