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Fuel prices climb higher
September 21 2017, 07:29 | Van Peters
Daily October West Texas Intermediate Crude Oil
There are still vacationers, she said, but there are now more RVers rather than families.
Dan McTeague, senior petroleum analyst for GasBuddy, which tracks retail gas prices nationally, said restoring the pipeline would be a big step forward, but it could be several days, if not weeks, before a number of large refineries in Texas are up and running again.
In the aftermath of the storm, it has become harder for suppliers to truck in more gas.
The Texas attorney general's office said anyone seeing gas prices of $4 or higher should take pictures and report the stations as price-gouging.
However, the price jump will not deter people from taking Labor Day road trips this weekend.
In the Kansas City area, gas prices did not fluctuate overnight but they are up almost 30 cents in the past week.
On Tuesday, gasoline prices reached a two-year high surging over 13 percent to above two dollars per gallon.
In Dallas, drivers lined up at gas pumps Thursday as some stations ran out of fuel.
Gasoline prices traded 3% lower on Friday, beginning September down after a whopping 25% rally in August, while crude futures also fell on the notion that supplies may be adequate despite disruptions to oil refining and drilling from Hurricane Harvey.
On Thursday, U.S. gasoline hit a two-year high above $2 a gallon.
Motor fuel prices slipped 2.3 percent in NY on Friday amid signs some U.S. Gulf refineries are preparing to restart operations.
Across Houston last week, motorists refueled before Hurricane Harvey struck, leaving many gas stations with empty tanks. Why will the price go up before it reaches my local gas station? The Explorer Pipeline, which hauls about 660,000 barrels a day of gasoline, diesel, fuel oil and jet fuel from the Gulf Coast to the Midwest, was due to shut its main lines on Wednesday.
"The Colonial pipeline is not pumping as much because it is not getting anything injected by Texas refineries", Kloza said.
"Hopes that the weekend will bring some good news on port and refinery openings is probably doing its part to reduce support" for gasoline, said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
To help alleviate the shortage of crude, Washington has made a decision to open its Strategic Petroleum Reserve, sending a million barrels of crude to the Phillips 66 refinery on Lake Charles in Louisiana to keep it operating.