Midwest Gasoline Stockpiles Fall to Record Low, Threatening Pump Prices Ahead of Senate Elections

Gasoline stockpiles in the Midwest fell to an all-time low of 41 million barrels, the U.S. Department of Energy reported Wednesday, raising the risk of sustained high pump prices days before key Senate elections in Michigan, Ohio, Iowa, Minnesota and Nebraska. Commercial inventories dropped by 1.2 million barrels last week. Retail prices in the Great Lakes region surged after wholesale blendstock in Chicago spiked, driven by a refinery issue that curbed output and maintenance outage at a Cenovus Energy Inc. facility in Ohio. Michigan prices averaged $4.69 a gallon Wednesday, down from highs near $4.80, while Ohio stood around $4.30, according to GasBuddy. Some relief may be near: Chicago wholesale blendstock has fallen to $3.09 a gallon from more than $4, and the Cenovus refinery appears close to restarting. Still, record-low stockpiles leave little spare fuel, meaning any new disruption could trigger sharp price increases and set a floor under regional prices.