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On Monday, local time, Marathon Crude Oil (MPC.
US) exploded and caught fire at an oil refinery near New Orleans, Louisiana, which could further affect fuel supplies and drive up prices
amid already rampant inflation.
Marathon Crude Oil's Garriville plant in Louisiana is one of the largest plants in the United States and a major supply of gasoline, diesel and other fuels
.
The company reported that the fire occurred at around 9:30 a.
m.
local time and was extinguished
about 4 and a half hours later.
According to people familiar with the matter, the fire was caused by a hydrocracking unit (a device that breaks down heavy oil molecules into lightweight products such as diesel), and if any damage is serious enough to shut down the Galliville plant, fuel supplies in the area could tighten
.
Demand has been rising
at a time when more than 10 percent of refining capacity along the Gulf Coast is idle due to repairs and other maintenance work.
Affected by the fire news, the benchmark gasoline futures rose 1.
6%
at one point.
According to the American Automobile Association (AAA), on top of a 46% increase in 2021, the retail price of gasoline is up 7.
5%
this year.
The last time gasoline prices reached such a high level was in the summer of 2014, when international oil prices exceeded $
100 a barrel.
