Exxon Refinery Explosion Takes Gas Prices Higher In LA

(RTTNews) - A blast at Exxon Mobil's (XOM) refinery in Torrance, California on Wednesday, sent gas prices up in Los Angeles.

At least three workers are reported to have suffered minor injuries at the scene of the explosion and are being treated for it.

Exxon confirmed of the incident at the refinery but did not divulge more details, saying it would provide an update as more details become available.

Shares of Exxon slid more than 2 percent in midday trading on the New York Stock Exchange.

The explosion had an impact on gas prices. March CARBOB gasoline, mandated by the California Air Resources Board, was trading 16 cents a gallon over March RBOB futures on the New York Mercantile Exchange, up 8 cents from Tuesday.

As per reports, the blast caused a petroleum leak and a worker activated the flare system of the refinery, located in the 3700 block of West 190th Street.

The blast occurred at about 8:50 a.m. and was categorized as a large and second-alarm fire explosion, according to Torrance police officials. Residents in the vicinity were reported to have heard the explosion and felt the ground shake.

The Exxon refinery processes about of 155,000 barrels of crude oil per day and produces 1.8 billion gallons of gasoline per year. The facility, known for special low-emissions gas, produces about 10 percent of all gasoline sold in California.

XOM is trading at $90.75, down $2.30 or 2.47%, on a volume of 14.7 million shares.