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article imageOklahoma Oil Refinery Fire Caused by Lightning

By S.H. Mills     Apr 28, 2007 in Business
Will the refinery fire and other issues have an effect on gas prices?
We may be looking at high gas prices, and they may in fact continue to rise for some time. The price of oil per barrel was already up before this latest incident in Oklahoma, in which lightning caused fire and an explosion at an oil refinery. Thankfully, no one was reported injured.
The fire began Friday after lightning struck a tank, but the explosion didn’t occur until later. It then spread the fire, lighting another tank. Highways needed to be closed for a while, but there was no full scale evacuation.
This certainly could have been much worse, but it may still be bad news as far as gas prices are concerned. Refinery function is already below normal in the U.S., which tends to make the markets nervous. Aside from refinery issues, there’s a lot of tension in the Middle East. Besides Iran’s saber rattling, there is also the recent terrorist plot against Saudi oil fields that was thwarted. The fear is that it won't be the last plot of it's kind, which may well cause further unpredictability in pricing.
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