How will gas prices be affected?

How will gas prices be affected?

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A massive fire that erupted inside of ExxonMobil’s refinery in Baton Rouge, Louisiana, late Tuesday is unlikely to affect U.S. gasoline prices. 

No injuries were reported and the fire was contained to the location where it started, Fire Department spokesman Curt Monte told news outlets.

“It’s unclear until we know more about the exact impact of damage. However, preliminary reports from Exxon say there is no impact to the gas terminal, which would mean no impact to gas prices,” said Jeanette Casselano, spokeswoman for the American Automobile Association.

Crude oil prices have fallen since the outbreak of coronavirus in China was revealed in early January.  Short sellers have been selective with their bets and continue to be so.

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Gas prices have been dropping

U.S. gas prices have fallen in recent weeks due to lower oil prices, which are slipping on expectations that demand for fuel will ease as the coronavirus discourages travel. Another drag on crude demand is that China, the center of the outbreak, is the world’s second-largest consumer of oil. 

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