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Hurricane could impact gas prices

31 August 2017, 01:49 | Lionel James

Hurricane could impact gas prices

Hurricane could impact gas prices

Gas prices could rise 25 cents a gallon or more for several weeks in some parts of the country as the energy industry climbs out of hurricane Harvey's epoch rainfall in southeastern Texas.

At $2.40, today's national gas price average is six cents more expensive on the week and one of the largest one-week national gas prices surge seen this summer.

That holds true for Texas and the state's GulfCoast, which may see the highest price increases given their dependence on the refineries forced to shut down, she said.

Approximately a quarter of oil refining capacity in the Gulf Coast was taken offline, according to forecasts by Oil Price Information Services.

"Prices will likely rise almost country wide heading into Labor Day, from rural towns in the Rockies to major cities in the Midwest and West Coast - almost everyone will feel a bit of a pinch at the pump from Harvey". "Prices will likely rise almost countrywide heading into Labor Day". Read the full story and more in your Weekend edition of The Ennis News.

AAA is predicting prices will increase 15 cents in the next few weeks.

Kim Fundingsland/MDN The price of gasoline increased at some pumps in Minot as of midday Tuesday. He suggested retailers could use the wholesale price increase as an excuse to raise prices to boost profit margins.

Nearly 2 million barrels of refining capacity was taken off line because storm shakes Texas with unprecedented flooding and rain.

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No indication has been given of how long the refineries will be closed, Nelson said.

The devastation of Hurricane Harvey continues to grow, with some 30,000 people displaced, 30 confirmed dead and a second landfall near the Texas-Louisiana border on Wednesday morning.

The state average was $3.001 per gallon, while the national price was $2.378, AAA reported.

The result will be higher prices, but it should be just a one- or two-week problem, Joswick said.

So if you didn't fill up on gas last night, you may have missed your only shot at more affordable prices.

The gas prices spike is expected to hit within about ten days.

While most people who travel for Labor Day do so by auto, the airline industry is also seeing an impact from the storm.

"We're anticipating 1 or 2 percent growth; that's what we've been seeing all year", he said.



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