How high gas prices rise depends on state of refineries

"I feel so sorry for the families who have been displaced by that hurricane in Texas", Palmer said.

Overnight, Montreal gas prices went up 10 cents to $1.26.9/litre of gas, reports CBC. The Environmental Protection Agency has chose to waive some of its environmental standards on gasoline for select counties in Texas in an attempt to alleviate the tight and potential shortage of supply.

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


At $2.40, today's national gas price average is six cents more expensive on the week and one of the largest one-week national gas prices surge seen this summer. Areas in California and their current gas price climate: Stockton- $2.85/g, up 2.6 cents per gallon from last week's $2.83/g.

Harvey's impact will be further minimized by regional demand that has eased after the eclipse and will drop further after the Labor Day travel weekend, she said. And that means higher gas prices here in North Carolina.

Hurricane Harvey and its catastrophic flooding have halted production at Gulf Coast refineries, virtually guaranteeing spikes in gas prices across the country - but Inland Northwest residents shouldn't expect to see much of an impact from the storm at area gas pumps. He suggested retailers could use the wholesale price increase as an excuse to raise prices to boost profit margins.


According to the U.S. Energy Information Administration, the Gulf of Mexico amounts to almost a fifth of the United States' total crude oil production. That's compared to more than $100 per barrel just three years ago.

Along the Gulf Coast, 45% of USA oil refineries are located in Texas and Louisiana. Given the huge importance of Texas' oil refineries to the country, the disruption will likely be felt by many.

Thirteen Gulf Coast refineries have been shut down or are in the process of shutting, while several others are operating at reduced rates, according to the most recent information from S&P Global Platts.


Still, Harvey has dealt a serious blow to refineries, ports and production in the U.S. Gulf Coast, which is the nation's key energy hub.


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