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Gas Prices Hit Two-Year High in Wake of Hurricane Harvey

Refineries beginning start up production.

by on Sep.06, 2017

Gas prices have risen to a two-year high due to the impact of Hurricane Harvey.

Even as a second hurricane bears down on the U.S., the deadly weather from Hurricane Harvey has driven up the average price of gasoline to $2.66 per gallon — 28 cents higher than just a week ago, according to AAA.

Every state in the country has seen gas prices increase except four – Alaska, Idaho, Hawaii and Utah – where prices remain stable. Overall, gas prices are pennies away from topping the highest price of $2.67 that Americans have paid for a gallon of gas in more than two years.

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Losses in U.S. supply capability have catapulted retail prices to their highest levels since August 2015, but remain well below the first weeks of September 2011 through 2014, AAA said. (more…)

Hurricane Harvey Could Drench U.S. Motorists With Higher Gas Prices

Gulf region holds nearly half of U.S. refining capacity.

by on Aug.28, 2017

A flooded freeway in Houston.

While Hurricane Harvey remains fixed in place over the Gulf Coast of Texas, motorists across the U.S. are likely to begin feeling the storm’s impact this week. And higher prices could be around for a while, experts warn, as it is expected to take weeks, even months for the region’s refineries to repair from the damage caused by a storm of such historic proportions.

Almost of the total U.S. refinery capacity is based along the Gulf Coast, and while not all of that has been affected by the storm, Exxon Mobil’s Baytown refinery, 30 miles east of Houston, was taken off-line over the weekend, with no firm date for restarting operations. That one refinery produces as much as 13% of the U.S. fuel supply, or 2.3 million barrels a day.

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“There is going to be no gasoline being produced for a bit of time,” said W. D. Williams of AAA Auto Club, the service warning that depending on the part of the country – as well as the duration and ultimate severity of the hurricane – gas prices could jump as much as 30 cents a gallon.