Gas Prices On The Rise After Hurricane Harvey

Oil companies have evacuated personnel from about 15 percent of the manned oil-production platforms and half of the working drilling rigs in the Gulf of Mexico in the wake of Hurricane Harvey federal officials said Saturday

According to AAA Carolinas, Hurricane Harvey could greatly impact gas prices in the coming weeks throughout the Carolinas. Additionally, the Texas Gulf Coast accounts for a third of the country's oil refining capacity.

Besides gasoline prices, also impacted is the price for natural gas, according to Charlie Burd, executive director of the Independent Oil and Natural Gas Association of West Virginia.

Hurricane Harvey unleashed unprecedented amounts of rain in and around the Texas Gulf Coast, affecting homes, businesses and oil refineries.

"We don't quite know what damage this hurricane will have caused to the infrastructure, to these refineries", Mac said. "While a ripple effect will lead to higher gas prices in some parts of the country and a higher national average price, current information suggests higher pump prices in the Gem State will be more a result of high travel demand than supply issues".

On Aug. 27, Magellan Midstream Partners suspended all inbound and outbound refined products and crude oil transportation services on its pipeline systems in the Houston area. The refinery interruptions have worsened as Harvey moved east on Wednesday, slamming into the Louisiana coast near the Texas border.

The Environmental Protection Agency announced that it will waive environmental standards on gasoline for select counties in Texas.

Michigan, Indiana and OH will be hit the hardest. Still, Delaware gas price average, as of August 30, was up to $2.30 per gallon, up five cents overnight and nine cents on the week (since August 23).

GasBuddy is the technology company changing the way more than 70 million consumers find, purchase, and save money on gasoline. While the statewide average rose four cents there, prices vary in cities hit hardest by the storm.

"We were cruising into fall with gas prices declining, and the only reason that is interrupted is geopolitical tensions and hurricane season", DeHaan said.

In the Great Lakes region and Central U.S., all states but Missouri saw price increases, and IN saw the largest price increase at 11 cents from one week ago.

If you own a auto in Montreal, you may be rather unhappy in the weeks to come, because gas prices have gone up and will probably continue to do so.

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