Thread: Hurricane Harvey driving up gas prices

-Hurricane Harvey swamped gasoline production capacity in the Texas Gulf Coast, triggering spikes in fuel prices as the energy-rich region reels from ferocious flooding.

Although long-term damage may be limited, short-term outages at gasoline refineries have temporarily shuttered more than 10% of the nation's refining capacity, according to data from JBC Energy and Goldman Sachs.

With rain continuing to pummel the Houston region, U.S. motorists are likely to experience an increase of up to 25 cents per gallon in some areas, experts say...

...But refineries typically responsible for "well over" 2 million barrels of gasoline per day were offline as of Monday morning, according to JBC Energy analysts. That's more than a tenth of the nation's capacity of about 18 million barrels per day.

"It is unclear when restarts can begin or whether more severe damage will become apparent at some plants — this will be partly a function of how much precipitation arrives over the coming hours," JBC said.

The storm has also slashed production of more than 380,000 barrels per day of crude oil, leading to slight increases in the global price of oil.

To compensate for the lost production from refineries in Texas cities like Houston and Corpus Christi, some U.S. energy traders are seeking gasoline imports from refineries in north Asia.

About a third of the nation’s refining capacity is located in the Gulf Coast region, including areas east of Texas...

https://www.usatoday.com/story/money...ces/607292001/

I was wondering why they went up.

No Effect at all!

I haven't seen too much of an increase yet. I remember after Katrina, prices went up over 2.00 per gallon to almost $5.00! I filled up today for $2.19. Between Harvey and the holiday, I do expect to see a sharp increase today or tomorrow.