Ohio Gas Prices Surge to $4.86 Amid Supply Issues
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy BP?
Source: Fool
- Gas Price Surge: Ohio's average price for regular unleaded gasoline has skyrocketed to $4.86 per gallon this week, exceeding the national average by $0.55, making it the eighth most expensive state for fuel, highlighting severe regional supply-demand imbalances.
- Power Outage Impact: BP's Whiting Refinery in Indiana, the largest gasoline refinery outside the Gulf Coast, experienced an electrical failure on April 26, halting fuel production and expected to keep wholesale prices elevated for weeks, which will eventually affect retail prices.
- National Price Trends: The national average for regular unleaded gasoline has risen from $3.17 a year ago to $4.46 today, indicating a broader trend of increasing fuel prices due to global factors like the war in Iran, with Ohio's situation exacerbated by local issues.
- Consumer Implications: Ohio drivers may want to postpone filling their tanks for the next few weeks until the refinery resumes operations, while BP shareholders should anticipate a minor hit to revenue and earnings, reflecting the direct impact of regional supply fluctuations on consumers.
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Analyst Views on BP
Wall Street analysts forecast BP stock price to rise
11 Analyst Rating
5 Buy
5 Hold
1 Sell
Moderate Buy
Current: 43.810
Low
6.38
Averages
84.26
High
503.69
Current: 43.810
Low
6.38
Averages
84.26
High
503.69
About BP
BP p.l.c. is a United Kingdom-based integrated energy company. Its segments include Gas & low carbon energy, Oil production & operations, Customers & products, and Other businesses & corporate. The gas & low carbon energy comprises regions with upstream businesses that predominantly produce natural gas, gas marketing and trading activities and its solar, wind and hydrogen businesses. The oil production & operations segment comprises regions with upstream activities that predominantly produce crude oil, including bpx energy. The customers & products segment comprises its customer-focused businesses, which include convenience and retail fuels, electric vehicle (EV) charging, as well as Castrol, aviation and business-to-business (B2B) and midstream. It also includes its products businesses, refining and oil trading, as well as its bioenergy businesses. The other businesses and corporate also comprises the Company's shipping and treasury functions, and corporate activities worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Price Surge: Indiana's average price for regular unleaded gasoline has skyrocketed to $4.81 per gallon, exceeding the national average by $0.35, placing the state among the top ten most expensive for fuel, which significantly burdens local consumers.
- Power Outage Impact: The BP Whiting Refinery, the largest gasoline refinery in the U.S., is partially shut down due to an electrical failure, causing wholesale gasoline prices to soar, with consumers beginning to feel the impact at retail levels, and this situation is expected to last for weeks.
- Market Response: With the supply from the Whiting Refinery constrained, Indiana drivers are advised to purchase only the gasoline they need immediately, highlighting the vulnerability of the supply chain amid high baseline prices.
- BP Financial Impact: While BP may see a slight hit to product revenue and earnings due to the outage, the overall impact on the company's financial health is expected to be minimal, similar to the $100 million EBIT reduction experienced during a previous outage in 2025.
See More
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- National Trend: Over the past year, the national average gas price has risen from $3.17 per gallon to $4.46, indicating that Michigan's gas prices are affected by the broader trend of rising global oil prices due to the war in Iran.
- Refinery Shutdown: The BP Whiting Refinery in Indiana, the largest gasoline refinery outside Texas and Louisiana, shut down due to an electrical issue, causing wholesale gasoline prices to soar in the Great Lakes region, which has now fully impacted retail prices in Michigan.
- Investor Impact: While BP's products segment may experience a minor revenue hit from the outage, the $100 million loss is only 0.08% of its $12.9 billion EBIT, suggesting minimal impact on shareholders, as BP's stock has actually risen since the outage occurred.
See More
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See More
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- Supply Chain Impact: The refinery's shutdown has caused wholesale gasoline prices to spike across the Great Lakes region, and although retail prices take time to adjust, consumers can expect elevated prices to persist until the refinery resumes operations.
- Shareholder Effects: BP shareholders are unlikely to feel significant impacts from the outage, as historical data indicates that the last shutdown resulted in only a $100 million reduction in Q4 product earnings, which is minimal compared to BP's overall EBIT of $12.9 billion.
See More
