Chicago Gas Prices Hit $4.80 After Refinery Outage

The average gas price in Chicago reached $4.80 per gallon as of Tuesday afternoon. This figure represents an increase from Monday levels. The price is also higher than the average recorded one month ago. The rise follows a power outage at the Exxon Mobil Joliet refinery in Channahon. The facility lost power on Sunday. It has not resumed operations as of Tuesday.

Refinery Output Accounts For Regional Supply

The Joliet facility produces approximately 11 million gallons of gasoline and diesel daily. This volume constitutes about 10% of the total supply for the Chicago region. The refinery serves as a critical supplier for the Midwest. Current global supply chains face strain from conflicts in Iran and Ukraine. These tensions specifically pressure diesel inventories. Sam Ori of the University of Chicago notes the market has little margin for error. He states the outage will have an outsized impact until the plant restarts.

Diesel Prices Set National Records

National average diesel prices have climbed above $6.20 per gallon. This level marks an all-time record in the United States. Patrick DeHaan of GasBuddy reports rising gas prices in Indiana. He expects similar increases across Illinois and the broader Midwest. The regional impact is compounded by the suspension of local production. Ori anticipates that pump prices will remain elevated. He cites upcoming midterm elections and geopolitical factors as barriers to relief.

Exxon Mobil Withholds Reopening Timeline

A spokesperson for Exxon Mobil declined to provide a timeline for reopening the Joliet plant. The company is investigating the cause of the Sunday power failure. Statewide gas prices in Illinois have risen to $4.50 per gallon. Data from GN auto markets/energy: gasoline prices confirms the upward trend in the region. The local market remains tight due to the loss of this major production hub. No immediate resolution has been announced by the operator.