Hurricane Harvey to raise gas prices throughout the south

Bruno Cirelli
Agosto 29, 2017

Gas prices in the Triangle have risen only slightly since Hurricane Harvey slammed into the coast of Texas late Friday, but the uncertainty over the storm's impact on refineries in the region is expected to drive prices higher.

Gas prices in the last five years have risen toward the end of August, with prices between 2012-2014 passing $3.50 per gallon. Gasoline is now at its highest price point since July 2015.

AAA said the EPA is taking steps to help prices from going up too sharply by waiving environmental standards on gasoline for multiple counties in Texas.

On average across the country, gas now costs $2.25 per gallon, according to AAA. As expected, gasoline prices are spiking along Harvey's immediate path along the Texas Gulf Coast, as the storm swamped gasoline production capacity in the area.

He added that higher prices "could linger for several weeks or longer, depending on how long it takes Texas refiners to return to normal operations".

Gas prices have risen almost nine cents per gallon in IL over the last week.

"Hurricane Harvey hit a major supply line for gasoline in Florida and along the eastern seaboard", said Mark Jenkins, AAA spokesman.

Exxon Mobil, Royal Dutch Shell and Phillips 66 were among the refineries that closed temporarily, according to the Houston Chronicle.

The storm has already knocked out 22-percent of the Gulf of Mexico's oil-refinery capacity.

The most expensive fuel is in north Kansas City, MO. That amounts to almost 379,000 barrels of oil per day. "That's only somewhat offset by the slowdown in production".

Volatile forces in the gasoline market, including fears of supply disruption from Hurricane Harvey and a global glut in crude oil weighing down prices, appear to have balanced each other out in the Pittsburgh region. It traded at $1.73 at 9:23 London.

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