Retail U.S. gasoline prices surge after Harvey, global impact felt

1 Sep 2017   Prices

Retail U.S. gasoline prices surged to two-year highs on Friday and global shipping routes were scrambled, even as some of the nation’s oil refineries began restarting in the wake of Hurricane Harvey. Major fuel pipelines feeding the U.S. Northeast and Midwest were shut or severely curtailed, prompting shortages and dramatic spikes in wholesale cash prices that pushed the national retail average to $2.519 a gallon, the highest since August 2015. Harvey, which raked across the Texas Gulf coast a week ago, has roiled global fuel markets. Tankers carrying millions of barrels of fuel have been rerouted to the Americas to avert shortages. European refining margins hit a two-year high amid the surge in exports. Effects of the storm will continue for weeks, if not months, after record rains and flooding in Houston and the U.S. energy hub. It knocked out about 4.4 million barrels of […]

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