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Refinery Closure Will Lead To Higher Pump Prices

Mon 28 Jan 13 | 04:00 PM ET
You're paying more at the pump -- and prices are likely to climb higher, particularly in the East. RBOB gasoline futures rose to a 15-month high on Monday after Hess announced it is closing its Port Redding, NJ, refinery by the end of the month. CNBC's Sharon Epperson explains what the closure of this key refinery in New York Harbor -- responsible for about 7.5 percent of gasoline production on the Eastern seaboard -- will be mean for drivers in the Northeast.
 
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