May 16, 2012:

Washington’s largest refinery, shut down since February, may be producing gasoline again soon, sources close to the business said Tuesday. That refinery, BP’s Cherry Point facility near Bellingham, produces 3.5 million gallons of gasoline a day when it’s running at full production. The refinery’s fire-related shutdown is credited in part with pushing gas prices in Washington and along the West Coast to the highest levels since 2008.The refinery’s processes are partially restored, with full function now tentatively set for as early as this weekend, people with knowledge of the situation said this week.

A BP spokesman, Scott Dean, was more cautious. He said the company is working around the clock to get the production back on line. “We anticipate that the refinery functions will be restored by the end of the month,” he said. Average gasoline prices in Tacoma Tuesday were $4.251 a gallon according to The News Tribune’s Gas Price Tracker. That’s the highest price for gas since the summer of 2008, when local prices hit $4.34 a gallon.

The Tacoma average price Tuesday was nearly 20 cents higher than at this time last week and nearly 52 cents more than the national average. That national average, $3.736, has fallen some 16 cents in the last month because of falling crude prices. Analysts say the high West Coast prices stem from refinery shutdowns including BP’s. Five of California’s 12 refineries are closed now for maintenance. Even if the Cherry Point refinery is back online soon, it could take days or weeks for the pump prices to respond as gasoline inventories are returned to normal levels.

By The News Tribune