Gas prices are still climbing, now up 24 cents since Harvey

Sunday, 03 Sep, 2017

Two of the leading price-forecasting analysts, GasBuddy's Patrick DeHaan and Tom Kloza of the Oil Price Information Service, now see the national average peaking as high as $2.75 a gallon in the next few days.

"The release will hopefully alleviate or help plateau price increases", she said. October is a bit questionable.

"We are looking at about 5 to 6 cents per day", Rivera said.

Hurricane Irma is still less than 3,000 miles away from the United States, but residents in Florida and along the east coast is preparing for a potentially unsafe storm.

Hurricane Harvey is having an effect here at home as gas prices are on the rise across the country.

"There are beneficiaries. If you operate refineries not impacted by the Gulf, you are able to sell that gasoline for more".

"Great Lakes supply is fine".

GasBuddy shows where gasoline is available at about 3:15 p.m. Monday in Denton. 
GasBuddy shows where gasoline is available at about 3:15 p.m. Monday in Denton

Futures prices, as of Thursday, were up 45 cents for gasoline and a dime for diesel fuel, compared with the previous week.

MA is also somewhat shielded from high prices, because we get some of our supply from the Mid-Atlantic states and Canada. However, the data was collected before Hurricane Harvey hit the Gulf Coast.

Still, the majority of Texas ports remained closed to large vessels, limiting discharge of imported crude, and the Colonial Pipeline, which hauls more than 3 million barrels per day of refined products including gasoline, diesel and jet fuel from the Gulf Coast to the populous USA northeast was also partially closed. And now, that's leading to big gas prices increases here in Canada.

Since the hurricane hit, the temporarily shuttered oil refineries-including the largest plant in the U.S., Motiva's facility in Port Arthur, Texas-will amount to losses of 4.4 million barrels per day of crude.

The Trump administration tapped into emergency reserves and the Environmental Protection Agency has given a waiver for refineries to make winter gas instead of summer gas as soon as they come online, since it is cheaper and quicker to refine winter gas. Black barrels represent oil refineries. But he said it'll be mid to late September before it will all be up and running.

The reduction in fuel supplies has forced the Colonial Pipeline, which supplies fuel from refineries near the Gulf of Mexico to the U.S. Northeast, to reduce supplies.

After Harvey blasted Texas, gas prices shot up across the country.