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How much is gas?
31 August 2017, 01:01 | Cedric Leonard
Oil and gas refinery- Stock
"As the amount of rain continues to add up, there's more and more risk that there could be water damage, especially to storage facilities and underground pipelines", said Patrick DeHaan, senior petroleum analyst at GasBuddy. "This is a market at work".
Refineries throughout the country last week were already at 96.6 percent of their operable capacity, according to an Energy Information Administration report that was released today.
"The effect we're seeing, so far, is from preparing for Labor Day", said Matthew Conde of AAA Oregon/Idaho, who said Idaho consumers can expect fuel prices to go up by 10 cents in some areas. "Several refineries are offline, and the extent of the damage isn't known at this time".
Some of that oil, temporarily at least, has nowhere to go because of the refinery shutdowns. That would likely help to cap the national increase, which AAA expected could climb to $2.50, the first time since August 28, 2015 it would reach that price marker.
Waskevich was optimistic, however, that any Harvey-related gas price spike "shouldn't last long".
The so-called shale revolution has led to a surge in oil production in the USA, increasing the nation's exports of crude oil and gasoline to Mexico and other places in Latin America and diesel to Europe.
DeHaan said the fact that global reserves are en route underscores the "severity of the situation". In the Coeur d'Alene area, the price averaged $2.67, up 17 cents from a month prior. "Harvey has helped speed that along even more".
The expected trend upwards was based on quantified analysis of national and local averages which had, in the few days since the once-category 4 hurricane made initial landfall in southeast Texas.
But down the street, at the QT, people fumed at what they will have to become accustomed to - prices over $2.44 a gallon. "Supply is down, that is putting pressure on gasoline prices".
How long we'll see higher prices, he says, really just depends on how long refineries are down.
According to AAA Kansas, the average Kansas per gallon price was $2.28 on Wednesday. New York Harbor gasoline gained another 12.5 cents, or 7%, to $1.90 a gallon.
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