Gas Prices Likely to Increase Due to Hurricane Harvey

(RNN) – As the remnants of Hurricane Harvey hung over southeast Texas on Tuesday, gas prices crept a little higher across the nation.

More than one-third of the United States’ oil refining capacity is located near where the storm made landfall on Friday. The damage to the refineries cannot yet be assessed because of dangerous flooding, but Andrew Lipow, president of Lipow Oil Associates, told CNBC last week that the hurricane could shut down refining operations for as long as three weeks. The storm surge could also impair shipping channels in the Gulf.

Eight refineries were shut down because of the hurricane, taking more than 2 million barrels out of the market.

Drivers are already feeling the effects at the pump. According to AAA, gas prices have inched forward by four cents since last week. That’s the largest jump this summer.

The prices could rise even higher going into the Labor Day weekend.

 

READ MORE: Cleveland19.com

Article Courtesy of WOIO Cleveland 19 News

Picture Courtesy of Radio One Houston and Quonesha Jones

Gas Prices Likely to Increase Due to Hurricane Harvey  was originally published on wzakcleveland.com