Published: Thu, August 31, 2017
Money | By Oscar Reynolds

Harvey knocks out more refineries, sending pump prices higher for United States motorists

Harvey knocks out more refineries, sending pump prices higher for United States motorists

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).

He continued, "As gas prices go up refineries around the globe are seeing incentives to send gas to the United States".

In the Spokane metro area, a gallon of regular cost an average of $2.83, up 13 cents from a month ago.

Mike Thornbrugh, a spokesperson for QuikTrip also stressed that drivers should not panic and said there is not a supply issue of gasoline at this time.

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

The flooding has completely or partially shut down 13 refineries, erasing more than 10 percent - about 2 million barrels a day - of US gasoline production capacity.

The average price of a gallon of unleaded gasoline Tuesday in the Vallejo-Fairfield survey area was $2.978, according to AAA. If Texas refineries are down for an extended period of time, the national average could climb above $2.50 a gallon, the highest price since August 28, 2015. "Despite the country's overall oil and gasoline inventories being at or above five-year highs, until there is clear picture of damage and an idea when refineries can return to full operational status, gas prices will continue to increase".

Gas prices jumped throughout the nation and in Wyandotte County following Hurricane Harvey's damage to oil refining in Texas. States in the Rockies also saw price increases ranging from one to four cents per gallon.

Hurricane Harvey's devastating journey in the Texas Gulf Coast has forced several oil and gas refineries to temporality shut down operations and production. Immediate shocks to supply and demand may be contained.

AAA and other industry observers will continue to monitor oil and fuel market activity to keep members informed. A check of Minot gasoline retailers at midday Tuesday found most pricing gasoline at $2.29 to $2.39 per gallon.

In a typical year, historical data supports the prediction that around 35 million Americans will make one last journey before the summer ends.

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