Gasoline Prices Jump in Harvey’s Wake

1 Sep 2017   Prices

Gasoline prices surged to a two-year high at the pump Thursday after the owner of the largest pipeline in the U.S. reported that shipments are being sharply curtailed, spreading the economic pain from Hurricane Harvey throughout the nation. Retail prices for gasoline approached $2.49 a gallon by Thursday evening, according to the Oil Price Information Service, up about 14 cents from a week ago. Prices in some cities have climbed much more than that and could keep rising toward an average of $2.60 to $2.75 a gallon in the next 10 days, said Tom Kloza, global head of energy analysis at the price-data tracker. Since Harvey made landfall on Friday, the storm has knocked out more than 20% of U.S. refining capacity, analysts said. “In a matter of days the final gasoline supplies are going to get to Atlanta, then South Carolina, […]

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