COFFEYVILLE, Kansas --- Drivers in the Midwest continue to pay a big price at the pump for regional refinery problems.
During the week of July 9, gasoline prices in the Midwest jumped 9.1 cents to an average of $3.045 per gallon, the Energy Department's Energy Information Administration reported.
River flooding forced Coffeyville Resources LLC to shut down its refinery in Kansas June 30. Reuters reported today that the refinery isn't expected to restart until early September. The work stoppage has prompted Moody's Investors Service to push Coffeyville's corporate family debt rating deeper into speculative territory --- from B2 to B3, Reuters reported.
In addition, last week BP PLC shut down the largest of three crude-oil processing units at its refinery in Whiting, Ind., for repairs, the Wall Street Journal reported. The unit can normally process 250,000 barrels of crude oil daily. The repairs by BP are expected to be completed sometime this week.
Originally posted on Fleet Financials