Wednesday, August 30, 2017

Gasoline Prices Starting to Climb Because of Hurricane Harvey

Gasoline prices were on the climb before Hurricane Harvey hit. Now, the advance is very likley to pick up steam with many Texas refineries closed.

More than 10 refineries have been knocked offline by historic flooding in the Houston and Corpus Christi regions.

The latest shoe to drop was Motiva’s refinery in Port Arthur, Texas, the largest refinery in the country. temporarily closed the facility Wednesday morning after initially reducing capacity due to local flood conditions.

Somewhere around 18 percent of U.S. oil refining capacity is offline because of the rain,

According to Gas Buddy, prices are now up  9.9 ¢ from last month's avg of $2.314.

Prices are up 19.2 ¢ from last year's avg of $2.221.



With new refinery shutdowns, we are now near to 25% of US refinery capacity shut down.

1 comment:

  1. As Krugman cheers for the economic benefits of the Hurricane