That’s right… Port Arthur’s major refineries have finally been restored power and all four of them have announced they are at the beginning stages of restarting their facilities. This is excellent news for everyone as these refiners mark the last facilities to come back online after Gustav and Ike battered the Gulf.
Prices nationwide should continue their fall, however, I’m still expecting another record low to occur this week in the DOE’s inventory numbers. We’ll likely see stockpiles of gasoline fall another 3+ million barrels while we should see a large gain in crude oil stockpiles. Imports of both crude and gasoline should have skyrocketed as ports re-open and tankers full of gasoline arrive at U.S. ports. We’re still seeing shortages in parts of the country, but those issues should resolve themselves in the next week or two as all facilities restart and electricity is restored to energy infrastructure.
In Grand Rapids, prices should continue their fall, we may get as low as $3.49, but be careful not to hang on to “E” too long…!