Will Oil and Gas Prices Rise After Hurricane Harvey?

Gas prices spike in Tampa Bay after in Hurricane Harvey aftermath
Officials: Don't panic, Hurricane Harvey could send gas prices up
Author

31 August, 2017

The nation's least expensive markets are SC ($2.11), Alabama ($2.12), Arkansas ($2.12), MS ($2.12), Oklahoma ($2.13), Missouri ($2.14), Virginia ($2.15), Louisiana ($2.16), Tennessee ($2.16) and Texas ($2.17).

Gas prices are on the rise.

"The busy summer driving season is wrapping up and right now gas prices in the Carolinas appear only slightly higher than they were last week", said Wright.

Those prices are expected to go back down once Hurricane Harvey subsides.

The average cost of a gallon of unleaded gasoline in the Richmond region August 27 was $2.12, according to AAA Mid-Atlantic - a penny lower than the previous week but three cents lower than the state average and 24 cents lower than the national average.

"Gas prices will go up", said Patrick DeHaan, a senior petroleum analyst with GasBuddy, which provides retail fuel pricing information.

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He added: "I can already imagine Dad holding Mum's hand real tight as the water rushed in". The Houston Police Department is assisting in recovering the bodies.

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In Minot the price of gasoline jumped at some locations, presumably on word that refinery operations on the Texas coast were effected by the storm.

Harvey isn't the first big storm to hit the refinery-rich Gulf Coast, but the oil industry has undergone big changes since the last major interruption from Hurricane Ike in 2008.

"My favorite is when they are making their "annual repairs" to the refineries so they can increase the prices then, too", said Michaels, of Vacaville, using air quotes around annual repairs.

Locally, AAA Mid-Atlantic confirmed that Harvey's impact on gs prices was starting to become evident, and the auto club anticipated that a spike would stretch, at minimum, into the holiday weekend. He said the airport expects to see a small increase in passenger boardings this Labor Day over a year ago. It's basically supply and demand. "Two days ago, it was $2.09 per gallon". How quickly the refineries reopen will depend on the severity of the flooding and the restoration of power to the areas.

McTeague says oil sent down to be refined may not have a market for awhile.

"The days are getting shorter, so it's a good idea to have flashlights and extra batteries in your emergency kit, along with food and water", Conde said.


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