Hurricane Harvey could cause U. S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.
Hurricane Harvey could cause U. S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.
Some refineries are expected to shut down until the storm passes, possibly disrupting gasoline supplies.
Wholesale gasoline futures rose Thursday by 5 cents, or 3 percent, to $1.66 per gallon, and experts say that will quickly show up on service-station signs.
Patrick DeHaan, an analyst with GasBuddy, says Harvey could show up in retail prices as early as Thursday night. But he says doesn’ t expect it will have as much impact as some past storms, such as Hurricane Katrina in 2005, which caused a 40-cent jump overnight.
In the Gulf of Mexico, oil and gas operators are evacuating workers from rigs.
