Hurricane Harvey's Possible Gasoline Impact

Hurricane Harvey's Possible Gasoline Impact

Hurricane Harvey's Possible Gasoline Impact

McTeague predicted the average pump price will jump from 88 cents a litre to 95.9 cents a litre or even higher at most gas stations in the city.

"Historically, spikes in the prices at the pump due to hurricanes tend to be brief but dramatic", said Daniel Armbruster, spokesman for AAA.

Gas futures are up 5% this morning according to CNN Money.

The impact on crude production is lower than the refinery impact, with about a million barrels per day offline, or about 11% of total United States output, according to Goldman Sachs. In the Fort Worth-Arlington area, the price on Sunday was $2.19, up from $2.12 a week ago.

And Colonial Pipeline Co., whose pipelines carry most of that fuel to North Carolina, "continues to maintain operations", spokeswoman Malesia Dunn said late Sunday.

"With a portion of total USA gasoline production shut in due to the prolonged effects of Hurricane Harvey, Canadians should expect a noticeable increase beginning this Wednesday".

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Tropical Storm Harvey is wreaking havoc on America's vital energy facilities. "Multiple refineries and drilling rigs had to be evacuated ahead of the storm, and the Houston Ship Channel was closed". This group of production sites is responsible for approximately 22 percent of all oil produced on the U.S. Gulf Coast; their shutdown cuts out almost a quarter of all coastline production.

The uncertainty over refinery production roiled the energy markets.

"Much higher oil demand is the holy grail for oil bulls". Almost 20 percent of the country's daily gasoline refining capacity is now offline - that's more than 2.5 million barrels a day. "We have a supply disruption event in gasoline production". "That's only somewhat offset by the slowdown in production".

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.

Gasoline for September delivery climbed 3.1 percent to $1.7183 a gallon on the New York Mercantile Exchange at 10:45 a.m., after rising to $1.7799 a gallon, the highest intraday price for a front-month contract since July 2015.

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