Texas Tragedy To Send Gas Prices Up - Cincinnati News, FOX19-WXIX TV

Texas Tragedy To Send Gas Prices Up

By Wednesday night 14 people had died and hundreds more were injured in an explosion that rocked a Texas oil refinery. Workers at the plant say it will be some time before they know what sent the largest complex of it's kind in the region into flames. But it's impact on the Tri-State will be more immediate.

Hours after the explosion, gas futures jumped to an all-time high, with experts forecasting a two cent per gallon increase nationwide, right away. And that increase will likely be even larger here.

That region of Texas is responsible for producing about 25% of the Tri-State's gas. "It might have and will have an immediate impact," UC Economics Professor, Dr. George Vredeveld says.

Vredeveld says within a week we'll see a price increase. "This impact is going to last a while and it's probably going to last several months," he says.

Experts are not guessing what the increase will be, they say that depends on the amount of damage in Texas. But the increase will be added to the national average of 12 cents more consumers are already paying per gallon since last month, plus whatever increases there are in the price of gas over the summer.

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