By ALISTAIR MACDONALD and JERRY DICOLO
An explosion at an Irving Oil refinery in New Brunswick injured
one person on Wednesday and sent gasoline futures higher on
fears that the blast threatens already-stretched fuel
Privately-held Irving Oil said that production was resumed
soon after the incident, which will have no impact on the
300,000 bpd refinery, one of the largest in
The accident happened just before midday Atlantic Daylight
Time when a tank undergoing maintenance became overpressurized,
Irving Oil said in a statement.
An employee suffered minor injuries and was taken to
hospital as a precaution, the company said.
The fire service was called but soon downgraded its presence
to one fire crew to act in a monitoring role, a
spokesman for the service said.
Gasoline futures rose 3.7% to a high of $3.0874/gal on the
New York Mercantile Exchange midday Wednesday on reports of the
blast. In more recent trading, futures were still up 2.8% at
The accident comes as fuel stockpiles in the Northeast US
are at the lowest level since November 1990. The East Coast
imports roughly 10,000 bpd from Canada, according to the latest
Energy Department figures.
Irving Oil is a regional energy processing, transporting and
retail company that sells its fuel in stations throughout
Atlantic Canada, Quebec and New England.
The company is owned by the New Brunswick-based Irving
family, whose large business interests in that province stretch
from timber to local newspapers and oil.
An explosion at an Irving Oil Saint John refinery killed one person in 1998,
according to media reports at the time.
Dow Jones Newswires
Ben Lefebvre contributed to this article.