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31 August 2017, 01:45 | Frank Carlson
Officials: Don't panic, Hurricane Harvey could send gas prices up
He said the futures market is taking this into consideration. If the refineries take more than a few days to come back online, motorists in the Carolinas and other regions across the country could see increases at the gas pumps.
"You saw more of a spike in the last week because of the eclipse, so you likely won't see much more than you have already", Jeanette Casselano, AAA's national director of public relations, said of Pacific Northwest gas prices that have steadily risen in the past month. Although it is not expected to be a threat to SC, where it is expected to hit early next week, potentially heavy rains and strong winds could cause prices to spike at retail and wholesale levels, the news outlet reported. 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. New York Harbor gasoline gained another 12.5 cents, or 7%, to $1.90 a gallon. Meanwhile, as soon as ports open, barrels able to access them will be shipped to chase (and close) that spread with Brent.
"When demand is down, prices still go up because of political strife in the Middle East or in Nigeria or on the salt flats of Utah", the Salt Lake City native proclaimed as he filled up his daughter's tank before sending her off to college.
"The recent, rare eclipse event casts some uncertainty on Labor Day travel projections", Conde said. "Don't over consume or change spending habits at the gas station".
AAA is remaining as optimistic as possible based on current information coming out of the gulf, yet there are still many "unknowns" regarding how the gas situation will play out in the days, weeks and possibly even months to come.
US Crude Settles Down Ahead Of API Data Previously, the American Petroleum Institute (API) announced a fall of 5.780 million barrels in USA crude stocks in the last week. Gasoline rose still higher post-settlement, after sources told Reuters that Motiva was shuttering the largest USA refinery.
After wreaking havoc in the southern United States, the effects of Hurricane Harvey will continue to linger for quite a while.
AAA reports approximately one quarter of the oil refining capacity in the Gulf coast is offline. Immediate shocks to supply and demand may be contained.
"First off, it is probably a little early to give any sort of price outlook with any sort of precision", said Jason Parent, vice-president of consulting at Kent Group Ltd., specialists in the downstream petroleum industry.
"Until there's a clear picture of damage and an idea of when refineries can return to full operational status", announced Ken Grant, AAA Manager of Public & Government Affairs, "gas prices will continue to increase".
Right now, the statewide average for a gallon of regular unleaded gas in SC is $2.10 and in North Carolina is $2.22.
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Additionally, the low-pressure system in tandem with strong high pressure over the Northeast will create an onshore wind flow. If the system does acquire a name, the small craft advisory would be replaced with warnings of tropical storm hazards.
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