Gasoline prices increase on Harvey flooding

AZ Gas Prices Likely to Be Affected by Hurricane Harvey

Prices at the pump haven't budged much - yet.

At $2.40, today's national gas price average is six cents more expensive on the week and one of the largest one-week national gas prices surge seen this summer. "That doesn't mean that prices won't spike overnight". The region from Corpus Christi, Texas, where Harvey made landfall, to the Louisiana state line accounts for about three per cent of the US economy and is a crucial export market for oil and chemicals.

So if you didn't fill up on gas last night, you may have missed your only shot at more affordable prices.

Sacramento, CA, August 27- Average retail gasoline prices in Sacramento have risen 0.6 cents per gallon in the past week, averaging $2.87/g yesterday, according to GasBuddy's daily survey of 720 gas outlets in Sacramento. Prices are likely to rise even more in the Gulf Coast.

Typically, gas prices begin to fall on the run up to Labor Day.

Several oil and gas refineries along the Texas Gulf Coast have temporarily shut down operations and production as the area recovers from the devastating disaster. As a result, if refineries restart and crude oil and employees can get to them, they is enough product to refine. Strong levels of oil production have thankfully left the country with ample stockpiles of gas and oil that can cushion the impact of Harvey. "If some of these refineries are flooded, it's going to take weeks to get the water out of there and then get into damage assessment".

In other words, Harvey has disrupted about one-fifth of the country's total refining capability. Eight refineries in Texas were in the process of controlled shutdowns.

The No. 2 US refinery, ExxonMobil's Baytown, Texas facility, is also offline and has suffered some roof damage.

The high mid-90s output percentage for refineries at this time of year is normal because "demand from motorists peaks during the summer", DeHaan added.

The price of gasoline in MA is up two cents this week. Of course, we don't have spare barrels of gasoline we can send down there.

- Shipping: In a hopeful sign, port officials in Corpus Christi say that an initial check turned up some damage from Harvey's landfall over the weekend, but they hope to restart shipping on Monday.

However, the extreme flooding could prevent some refinery workers from being able to return to work. "So many people across the city have experienced it".

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