Gas prices spike in Tampa Bay after in Hurricane Harvey aftermath

Share

The gulf coast of Texas is about 3,000 km away but we're feeling Hurricane Harvey here.

"This morning, the average price in the state is $2.24, so we're talking about about a five to six cent increase", DeHaan said.

AAA reports approximately one quarter of the oil refining capacity in the Gulf coast is offline. The price of unleaded is three cents higher per gallon than the previous week, according to AAA.

Gas prices increases are not expected to be as severe as they could be or as they were after hurricane Katrina when prices increased 80 cents per gallon. South Carolina's average is $2.10.

"Prices will likely rise almost country wide heading into Labor Day, from rural towns in the Rockies to major cities in the Midwest and West Coast- almost everyone will feel a bit of a pinch at the pump from Harvey".

"Gas prices will go up". "Stations located directly off the highway will have more expensive prices, but you will probably see a price reduction of 20 to 30 cents if you go a little bit out of your way".

Hurricane - now Tropical Storm - Harvey has caused almost 100 oil and gas production platforms in the Gulf of Mexico to temporarily shut down.

But that drop in production doesn't necessarily translate to a higher demand for Alaska's oil, because globally the oil market is oversupplied.

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. "The impact will be fairly dramatic but also fairly quick". "These behaviors could lead to gas shortages across the Carolinas".

Retail operators in Calgary are struggling to maintain profits and might use the blow to wholesale gasoline prices as an opportunity to rise prices even more. "Time will tell as to when refineries can return to full operational status, and weather Oklahoma will experience any significant price increases at the pump".

Share