Oil Prices Rise After BP Refinery Fire, Gasoline Futures Reach Record

The prices of oil and gasoline both rose in the aftermath of an explosion at a BP refinery in Texas City, Texas, Bloomberg News reported.

The fire, which killed at least 14 people and injured more than 70 Wednesday, raised supply concerns before the peak summer driving season, Bloomberg said.

Gasoline futures for April delivery rose more than 2%, as much as 3.3 cents per gallon to $1.608 on the New York Mercantile Exchange in trading Thursday morning.

Crude oil prices on the Nymex rose 72 cents to $54.43 a barrel.

The refinery is the third largest in the U.S., Bloomberg said, producing nearly 30% of BP’s North American fuel, Bloomberg reported. The facility can process 460,000 barrels of oil per day.

Company officials said the fire broke out at 1:20 p.m. local time in a unit that makes components that boost octane in gasoline.

Company officials said on CNBC Thursday morning that gasoline production was continuing at the plant "at a good rate."