Gas Prices On The Rise After Hurricane Harvey

31 August, 2017, 01:39 | Author: Valerie Burke
  • Gas Prices On The Rise After Hurricane Harvey

Petroleum analyst Allison Mac with says the storm has affected 16 percent of the oil refining capacity in the USA, including ExxonMobile, the nation's largest refinery.

The high mid-90s output percentage for refineries at this time of year is normal because "demand from motorists peaks during the summer", DeHaan added. "But past the 15-cent hike, we don't anticipate prices to continue to rise", at least given current information.

In the wake of Hurricane Katrina, which hit New Orleans at the end of August in 2005, gas prices jumped up 40 cents.

If you own a auto in Montreal, you may be rather unhappy in the weeks to come, because gas prices have gone up and will probably continue to do so.

A crucial factor to consider is uncertainty - since the extent of disruption to the energy industry is still being assessed.

Harvey's shutdown of ports such as Corpus Christi and, as of Tuesday morning, at least 13 percent of US refining capacity is essentially bottling up some oil that would otherwise be processed or exported. The refinery won't reopen until waters recede.

Those prices rose by close to 20 cents since Tuesday at some gas stations in Farmington. "Once everything is back online and functioning at full capacity, prices will drop". Strong levels of oil production have thankfully left the country with ample stockpiles of gas and oil that can cushion the impact of Harvey.

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"California is always susceptible to price spikes, but when it happens it's normally because of an issue with refineries in our own state", Blasky said.

Prices will probably continue to increase over the next few days and they could remain high for another month or so, according to DeHaan. It will take time to assess damage and any longer-term impact on refining capabilities.

"Basically, it's economics 101", Mac said. "This summer, eclipse travel injected an extra burst of demand for Idaho fuel that has carried over into Labor Day weekend".

One of the easiest ways you can pay less for gas is to avoid the "convenience" trap. The average highest price recorded at the pump was $2.42 per gallon in March. Oakland- $3.03/g, up 2.0 cents per gallon from last week's $3.01/g.

The national average could climb to $2.50 as a result of Harvey. "These behaviors could lead to gas shortages across the Carolinas".

Many parts of the Gem State were in the eclipse path of totality, motivating drivers inside and outside of Idaho to purchase the fuel necessary to reach a prime viewing area.

Analysts are predicting prices will actually go down in Vancouver and on Vancouver Island by about the same amount.


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