Hurricane Harvey's Continued Affect On Gas Prices

AZ Gas Prices Likely to Be Affected by Hurricane Harvey

About 19 percent of the Gulf Coast's oil refining capacity is offline, and the USA market is losing about 3 million barrels of gas production per day.

Hurricane Harvey, which is now pummelling Texas with rain, is to blame for the uptick in gas prices in the Montreal area.

As the life-and-death circumstances of Tropical Storm Harvey occupied the minds of countless Texans, the pocketbook consequences of the massive storm were already having an effect on Americans who drive.

More than one-fifth of USA refining capacity has been shuttered, according to S&P Global Platts.

AAA reports the national average for a gallon of gas is up four cents, to $2.37 a gallon, making it one of the largest one-week increases this summer.

The good news is prices are not expected to increase more than 25 cents, and are not expected to reach as high as during Hurricane Katrina. The impact could linger for several weeks or longer, depending on how long it takes Texas refiners to return to normal operations.

Damage to the refineries and timelines until they are back up and running is still unknown.

According to the U.S. Energy Information Administration, the Gulf of Mexico amounts to almost a fifth of the United States' total crude oil production. Wholesale prices of gasoline have risen as much as 5 percent in futures, the highest since July 2015. "It has to come from Asia even".

With current average prices statewide hovering around $2.30 per gallon, a predicted 15 cent per gallon increase would still be well below prices in years prior. The coastal swath from Corpus Christi to New Orleans is one of the most industrialized petroleum regions in the world.

Exxon, Shell and other companies have reported to Texas regulators that some of their storage tanks and other facilities near Houston were damaged by the torrential rains and flooding. Conde expects that, at the most, prices would rise by 10 cents because of competitive pricing around the country.

Transportation systems which carry gasoline or crude could be impacted. The amount being charged for gasoline will likely go up as the crippled energy industry in and around Houston continues to deal with the historic storm's impact.

"Basically, it's economics 101", Mac said.

Related news:

Hot News

isis-killer-beheading-video-story-top U.S. approves first gene therapy for cancer
Aug 31, 2017 - 01:44
Kymriah is intended for people with B-cell ALL whose cancer hasn't responded to or has returned after treatment, the FDA said. In the pivotal Novartis trial, 83 percent of patients achieved remission with a disease that has historically poor outcomes.

isis-killer-beheading-video-story-top Kremlin confirms contact with Trump lawyer during 2016 campaign
Aug 31, 2017 - 01:42
Trump's lawyer, Michael Cohen , directly contacted Putin's spokesman, asking for the strongman's help on getting it approved. He later became a government informant upon his conviction years later in a $40 million Mafia stock fraud scheme.

isis-killer-beheading-video-story-top West Brom sign Polish midfielder Krychowiak on loan from PSG
Aug 31, 2017 - 01:42
The 27-year-old defence-minded player will finalise the transfer to The Hawthorns once he receives global clearance. Grzegorz Krychowiak is having a medical at West Brom ahead of a loan move from Paris Saint-Germain.

isis-killer-beheading-video-story-top The Hajj in Mecca attracts millions Muslim pilgrims to Saudi Arabia
Aug 31, 2017 - 01:38
The country said more than 1,00,000 security personnel at various spots around Makkah and Madina to protect pilgrims. Mina is located between Mount Arafat and Makkah's Grand Mosque.

isis-killer-beheading-video-story-top Nigeria focused for Cameroon tie - Rohr
Aug 31, 2017 - 01:38
The Super Eagles are expected to have a full house on Tuesday in Uyo ahead of Friday's double header against the reigning African Champions.

isis-killer-beheading-video-story-top Taylor Swift's diamond bath was apparently worth over £7 million
Aug 31, 2017 - 01:38
Spotify said Saturday it had logged more than 8 million same-day streams for her new single, " Look What You Made Me Do ". Most importantly she is planning on releasing it on the anniversary of Kanye's mother, Donda West's death - November 10.

isis-killer-beheading-video-story-top Mariners acquire veteran starter Mike Leake from Cardinals
Aug 31, 2017 - 01:38
At 66-67, the M's are now three games out of the final American League wild card spot after dropping four straight. Seattle previously traded for Marco Gonzales, who has been part of the rotation struggles for the Mariners .

isis-killer-beheading-video-story-top Led airstrikes block IS evacuees from reaching eastern Syria
Aug 31, 2017 - 01:18
He said it would allow hundreds of fighters to deploy along an "insecure" border, close to three Iraqi desert towns still under ISIL control.

isis-killer-beheading-video-story-top Trump to begin tax reform blitz in Missouri
Aug 31, 2017 - 01:16
The GOP leaders in Congress seem now to be considering a more modest bill - one that has more in common with George W. McConnell is scheduled to attend next Wednesday morning's White House meeting, according to congressional aides.

isis-killer-beheading-video-story-top Breath-Taking Images of The Recent Full Solar Eclipse, From Space
Aug 30, 2017 - 02:05
Visitor April Rosenthal said she didn't mind paying if she knew it meant she and her husband, Paul, would have a reserved spot. After viewing the eclipse, I spent the afternoon in Balboa Park at the San Diego History Center .

isis-killer-beheading-video-story-top Joel Osteen Denies Accusations He Closed His Mega Church During Hurricane Harvey
Aug 30, 2017 - 02:01
Mike Hart said the coast guard is receiving up to 1,000 calls per hour from people needing to be rescued. In addition, we are working with Samaritan's Purse on major relief efforts.

isis-killer-beheading-video-story-top Chris Christie Urges Federal Aid For Hurricane Harvey, Calls Texas Republicans 'Hypocrites'
Aug 30, 2017 - 02:00
Now many of them cite additional spending in initial drafts of the legislation as the reason. "Sen. Cruz was also asked about voting against the Hurricane Sandy disaster relief package back in 2012.

isis-killer-beheading-video-story-top Thailand 'preparing to receive' those fleeing Myanmar violence
Aug 30, 2017 - 02:00
Members of the Rohingya community are ineligible for citizenship in Myanmar because of a controversial 1982 law. This incident typifies the struggle the Rohingya - one of the most persecuted people groups in the world.

isis-killer-beheading-video-story-top Stafford, Lions agree to historic deal
Aug 30, 2017 - 01:59
The six-year contract reportedly contained $41.7 million in guaranteed money and carried a total value of up to $78 million. According to one report, Stafford's deal calls for a $92 million guaranteed and a $50 million signing bonus.

isis-killer-beheading-video-story-top Alexis Sanchez leaves Chile training camp to hold Man City talks
Aug 30, 2017 - 01:58
The big shock from today's news is the potential of Sterling or Aguero being offered in exchange as part of the deal. Guardiola has been chasing Sanchez all summer despite Arsenal's insistence that the player is not for sale.