Harvey is pushing gasoline prices higher, even as oil remains cheap

Harvey is pushing gasoline prices higher, even as oil remains cheap

Harvey is pushing gasoline prices higher, even as oil remains cheap

A storm which shut down Gulf Coast refineries could result in higher gasoline and natural gas prices prices, industry spokesmen said on Monday.

At $2.40 per gallon, on Wednesday, August 30, 2017, AAA confirmed the national gas price average was six cents more expensive on the week, and one of the largest one-week increases recorded this summer.

Gas prices jumped throughout the nation and in Wyandotte County following Hurricane Harvey's damage to oil refining in Texas.

The refineries affected represent over 17 percent of the USA gas production, around 3 million barrels a day, according to Tribune.

Gasoline prices could rise from 5 to 15 cents, said Traci Nelson of the West Virginia Oil Marketers and Grocers Association.

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Today's US average price for gasoline is $2.40, up nine cents from a month ago and up 19 cents from a year ago. The last time prices were that high for Labor Day was September 2015. States in the Rockies also saw price increases ranging from one to four cents per gallon. USA prices are expected to spike over the next week or more as about 10 refineries representing more than 15 per cent of American refining capacity are closed, including ExxonMobil, Shell and Phillips 66 operations. It's basically supply and demand. In the Coeur d'Alene area, the price averaged $2.67, up 17 cents from a month prior. Conde said prices have risen 23 cents since the first of the month.

It's unclear how bad the damage to facilities along the state's Gulf Coast but preliminary signs indicate widespread losses, which will have big implications for the US economy and oil and gas prices. In the Wichita area, major gas station retailers boosted per-gallon prices from $2.29 to $2.49 in many locations today.

According to AAA Director of Marketing/Public Relations for Northern Pennsylvania Nina Waskevich, that spike is the byproduct of 10 oil refineries in southeastern Texas closing because of Harvey.

"The busy summer driving season is wrapping up and right now gas prices in the Carolinas appear only slightly higher than they were last week", said Wright.

What's causing gas prices to rise?

If the refineries take more than a few days to come back online, motorists in the Carolinas and other regions across the country could see increases at the gas pumps. "A lot of that is tied to Labor Day demand, but there could be some ripple effect from Harvey as well". There, drivers will pay $2 a gallon at the Murphy USA on Eisenhower Road.

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