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Gear up for higher gas prices

31 Août 2017

The average IL price for a gallon of regular unleaded gasoline is $2.35.

"The biggest problem right now is there's not enough gasoline being produced", said Patrick DeHaan, a senior petroleum analyst for GasBuddy, a gas price-tracking app. I think we're still a few days away from understanding the damage inflicted from floodwaters.

How much they rise will depend on what happens when refineries attempt to restart in coming days, she said.

DeHaan speculates after the price increase it will take until Halloween or Thanksgiving for prices to begin to fall.

AAA officials say that in spite of the havoc wreaked on Gulf Coast oil refineries by Hurricane Harvey, gas prices in the Northeast have remained relatively stable since Friday.

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The good news is that refineries haven't reported major damage thus far and some in Corpus Christi are reportedly trying to start back up. This is 2 cents cheaper than last week. The national average increased 3.9 cents over the week to average out at $2.36. "With this whole tip in the balance in which the U.S.is in a deficit of gas production, and the price of gas is soaring - that's drawing the eye of gas refineries around the globe". McTeague said the impacts of Harvey will most likely materialize in a number of smaller jumps over time.

The devastation from Tropical Storm Harvey along the Gulf Coast is starting to have a ripple effect on gasoline prices across the country.

Of course there are a lot of refineries in Texas, including the second-largest refinery in the country.

Roughly 2.5 million barrels of daily refining capacity is offline, he added, which represents about one-fifth of the total production in the U.S.

Gear up for higher gas prices