The Energy Report - Nightmare at the Gas Pump

By International Business Times August 06, 2012, 08:32:38 AM EDT

It was weekend of horror for drivers in the Midwest if they dare pulled up to the gas pump. A series of events conspired to create a historic gas price spike and ultimately a gas shock pop. The Enbridge pipeline delay was the icing on the cake as the market was suffering from a string of refining issues. It seems the Federal Government is not allowing Enbridge to restart until Enbridge submits a detailed restart plan and undergo a third-party audit. That in the aftermath of an announcement from the BP refinery fire in Whiting Indiana and a fire at Lemont created the perfect scenario for a price spike. Add to that surging oil price being driven mainly by stimulus hopes and a better than expected jobs number and storms in the Gulf of Mexico is enough to make a motorist scream.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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