WEST MICHIGAN - Gas prices are pushing $3.00 per gallon after a large oil refinery in Indiana stopped production.
A ruptured pipeline at a BP oil refinery in Whiting, Indiana has gas stations throughout the Midwest raising prices to keep up with demand. The shutdown has crippled stations in Indiana, Ohio, Wisconsin, and Michigan. Patrick DeHaan, Senior Gas Analyst at Gasbuddy.com understands it's only going to get worse.
"It’s possible that tomorrow or Friday we can see another price hike over $3.00 a gallon, I don’t foresee prices going over $3.40 a gallon," said DeHaan.
Wholesale prices have jumped 95 cents per gallon since Monday, an increase some people are finding hard to cope with. FOX 17 spoke with many people at the pump planning a new household budget just to make it through the week.
"They need to get these gas prices together because some people have families and need to get their kids to practice," said Kevin Jones. "It’s summer time, we can’t even afford to take trips like we want to."
Barrels sank to $29 Monday after Whiting's abrupt shutdown, significantly hurting gas supplies which have lead to some massive price increases. Experts believe this problem could last a few weeks before we see more palpable prices.
"Once BP makes its repairs, we’ll likely see gas prices plunge and I still think some stations in Grand Rapids could be selling at $2 a gallon," said DeHaan. "So buckle up, this is a speed bump in the road to see lower prices."
At least one state lawmaker is calling for the Attorney General to launch an investigation into possible price gouging, in connection with the problems at the Indiana refinery. DeHaan said BP is looking at this situation carefully as they try and fix this problem in a timely manner.
