BP (NYSE:BP) is gearing up to restart its Whiting, Indiana, refinery – the largest in the Midwest – in the final week of February and aims to return to full production in March, Reuters reported on Wednesday.
After being shut on February 1 due to a plant-wide power outage, the refinery has been the subject of considerable speculation and scrutiny. The shutdown was initially attributed to the failure of two transformers at the facility. BP has since been diligently assessing refinery units and internal piping to gauge potential damage from the sudden outage, as well as determining the exact cause of the power loss, according to the report by Reuters.
Retail gasoline prices in the Chicago area have surged by more than $0.20 per gallon since the refinery ceased operations.
The Whiting refinery holds significance as BP’s biggest in the U.S. and the nation’s sixth largest overall. It processes 440,000 barrels per day of crude oil, producing various liquid fuels and asphalt. Moreover, it remains the primary fuel supplier to the Chicago area.