Massive Explosion at Philadelphia Refinery Pushes Gas Prices Up

By Yana Berman

The U.S. East Coast’s largest gasoline refinery in Philadelphia has been struck by a series of massive explosions, CNBC reports Friday, June 21.

Massive Explosion at Philadelphia Refinery Pushes Gas Prices Up                                 

Explosions of butane were registered around 4 a.m. local time on Friday. About 120 firefighters arrived at the scene to prevent the fire from spreading. At press time, there have been no casualties and only five minor injuries were reported.

Massive Explosion at Philadelphia Refinery Pushes Gas Prices Up

The refining complex will be running at a reduced capacity until the fire is completely eliminated. The cause and origin of the explosion will be investigated later, according to the fire commissioner’s statement.

According to videos uploaded by witnesses, the bright orange fire was seen from miles away. Local residents interviewed by CNBC said that they saw debris falling from the sky.

The explosions at the East Coast’s largest refinery have had an impact on gasoline prices, with benchmark RBOB futures rising by 4% on the day.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image