Crude oil down, gas prices up; Why?

GRAND RAPIDS, Mich. (WOOD) - Prices at the pump have been inching up all week.

The price of crude oil can sometimes help anticipate which way gas prices will swing. But considering the price of crude is down, why are gas prices up?  

Grand Valley State University Finance Professor Gregg Dimkoff explained, pointing to the recent shutdowns of two refineries.

"Those two refineries supply 20% of our gasoline, so it's that shortage of supply that drove prices up of gasoline even though crude oil is falling," he told 24 Hour News 8.

But Dimkoff predicts good news now that those two refineries are starting to produce again.

"We can look for prices to start falling now, and based on crude oil prices if we don't have any more problems prices will plummet," he said.

--Watch the full interview above--

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