Indiana gas refinery running again; gas prices expected to drop

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BP's refinery safely restarted Tuesday, according to a statement from BP obtained by GasBuddy.

As such, Patrick DeHaan, senior petroleum analyst with GasBuddy.com, anticipates a steep decline in the price of gasoline throughout the Midwest, so long as operations at the refinery (and other refineries in the region) continue with no new problems.

The refinery first shut down two weeks ago because of problems with its largest crude distillation unit, which handled more than half the facility's total capacity, according to DeHaan.

Gasoline prices in Illinois, Michigan, Ohio, Indiana, Wisconsin and neighboring states affected by the refinery could fall 20-50 cents a gallon over the next two weeks, according to DeHaan. As gas stations buy cheaper gasoline, they will pass savings along to motorists, but likely not all of the savings - they will also try to to recoup losses they took from the unprecedented spike in wholesale prices that occurred two weeks ago when the refinery first shut down.