Get ready for more pain in your wallet when it’s time to fill up that gas tank.
This week’s explosion that has again put a major gasoline supply pipeline out of service in the Southeastern United States will likely leave it’s mark on prices.
“The trading community immediately reacted” said Tom Kloza with Oil Price Information Services.
On one hand, Kloza said the worst of the impacts are sure to be felt across the Southeast and through portions of the Northeast.
But the market suggests we’re all likely to feel at least some impact.
“Within an hour or so of the discovery the line was shut down–and it could be shut down for a while–gasoline prices in the futures market spiked higher by about 15-cents per gallon” Kloza said.
Add it all up, and the impact on your bottom line is pretty easy to see.
“We’re looking at gasoline prices that are going to be ten to twenty-cents higher than where they were last election day” Kloza said.