Gas Prices Will Surge Due to Harvey

Look for prices at the gas pump to surge both in Houston and nationwide in the days, and possibly weeks, following the storm dubbed Harvey. The reason is because the hurricane-turned-tropical-storm led to a shutdown of many Texas Gulf Coast refining and pipeline operations.

Exxon Mobil, Royal Dutch Shell, Phillips 66 and others temporarily closed operations in Houston and Corpus Christi, representing at least 12% of the nation’s oil-refining capacity. Additionally, nearly 25% of the Gulf of Mexico’s oil and gas production has been halted. Patrick DeHaan with GasBuddy expects fuel prices to spike by 25 cents per gallon.

Houston-area motorists will be especially hard-hit, as many area gas stations have either run out of fuel, or have been flooded. Resupply has been difficult, due to fuel trucks being blocked by flood waters.

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