Gas Prices Jump Due to Flooding in Chicago and Northwest Indiana
The price of regular lead-free gasoline hovered around $3.40 a gallon Friday morning. By late afternoon, that figure had jumped to around $3.75 at many stations. An analyst blames investors' reaction to the flooding in Chicago and northwest Indiana.
Patrick DeHaan of gasbuddy.com says massive power outages in that area forced the shutdown of refineries and pipelines that carry that product across the state of Indiana.
"That's causing traders to panic a bit and force up the price of retail gasoline," says DeHaan. "And retailers are passing that along to you."
And he says it's hard to say how soon the situation will be corrected. He says the power may have been restored but the prices won't come down until those traders regain confidence in the market.