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Harvey Impacts Gas Prices Nationwide
September 26 2017, 04:00 | Clarence Walton
The Vayu report noted that the wholesale gas prices were now back at levels not seen since last February. Thinkstock
Those prices are likely here to stay for several weeks yet, says Dan McTeague, a senior analyst with GasBuddy.com.
On Monday, the U.S. Energy Information Administration's reported the U.S. average retail gasoline price was $2.40 per gallon, a four-cent increase from the previous week and up 16 cents from the same time a year ago.
They said the last time gas prices were $2.50 was August 28, 2015. "We have seen a high amount of road travel over the summer and anticipate a busy Labor Day weekend".
Gas prices spiked overnight and are up about 17 cents a gallon since Hurricane Harvey struck Texas.
More than 30 percent of the United States gasoline refinery capacity is shut down because of Harvey. It's a similar story in IN; today a gallon will cost, on average, $2.49.
According to AAA, the Colonial Pipeline is the largest fuel transport system in the country, providing almost 40 percent of gas to the southeast region.
A gallon of gas will cost an average of $2.85 in OR as of Friday, according to AAA.
Gas prices have spiked yet again and are now up about 24 cents a gallon since Hurricane Harvey struck Texas.
On Wednesday, officials with the Department of Energy reported that 10 Gulf Coast refineries remained shut down.
"The delicate balance of supply and demand has been tipped in one side and that tends to make the market a little bit more chaotic and gas prices can jump very quickly", he said.
"I'm not anxious about the gas prices right now", she said. When you talk about the gas price increase, yes, we've seen a 25-cent increase over the last week. "We could see prices go much higher for much longer given the extent of the damage, which as of yet is not completely and totally understood", McTeague explained. Colonial Pipeline hopes to have it back online Sunday, but price spikes could be felt all across the country.
Mason said drivers can expect this to continue for possibly another week before all refineries are back in production, shipping their regular amounts.