Bounce back in oil prices and flooding concerns at Mississippi River refineries may halt the hopes of decline in the price of gasoline. On Monday, crude prices climbed more than $5 to settle at $102.55 in trading on the New York Mercantile Exchange.

It is believed that heavy rains in the Midwest have led to severe Mississippi River flooding, including concerns that refineries and fuel terminals near the river could be shut down as it hit the highest levels in Memphis on Monday.

It is believed that from Memphis to the Gulf of Mexico, nearly a dozen of refineries representing almost 14% of U. S. fuel output could see high level of water. Moreover, if the level of water rose a little more higher, it could strain the supplies and could push prices upward.

The concerns have pushed the prices of Gulf Coast wholesale gasoline to 20%. Tom Kloza, an analyst with Oil Price Information Service said “If the run-up of prices from January through April 30 was biblical, then today I suppose was the Epic of Gilgamesh reprised”.

Addison Armstrong, Senior Director of market research at Tradition Energy in Stamford, said that if a flood turns out to be a non-event, then crude and wholesale gasoline prices should retreat.