TX Explosion May Effect Oil And Gas Prices

By: Associated Press Email
By: Associated Press Email

Oil, heating oil and gasoline prices spiked today as investors eyed the possibility that OPEC may cut production just ahead of the second quarter.
That's when gasoline demand in the Northern Hemisphere usually becomes the central focus of the market.

An explosion at the 70,000-barrel-a-day Alon USA refinery in Big
Spring, TX, also may have boosted prices.
But one analyst says the primary worry is that OPEC may reduce output next month to support prices within a range of $85 to $100 a barrel range.

The explosion Monday at the Alon USA refinery injured four workers, with one employee hospitalized for burns.
David Foster, who's vice president of the Dallas-based refiner, says he expects the refinery to be off-line for weeks.

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