Gasoline prices hit two-year highs on Monday as massive floods caused by Hurricane Harvey forced refineries across the U.S. Gulf Coast to shut down. The storm came shore over the weekend as the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries. Spot prices for U.S. gasoline futures RBc1 surged 7 percent to a peak of $1.7799 per gallon, the highest level since late July 2015. Texas is home to 5.6 million barrels of refining capacity per day, and Louisiana has 3.3 million barrels. Over 2 million barrels per day of refining capacity were estimated to be offline as a result of the storm. About 22 percent, or […]