Sunday, 24 June 2018
Latest news
Main » Gas prices on the upswing

Gas prices on the upswing

07 September 2017

Hurricane Harvey touched down in Texas more than a week ago, but locals are still feeling the effects at the gas pump.

Oil production in the Gulf of Mexico and onshore around Houston was slowed dramatically as a result of Harvey.

Four days later, prices had jumped 21 cents to $2.39 a gallon, where they've been near since. This is slightly lower than the state average of $2.616.

More news: Cilic, Isner Upsets Add to US Open Chaos; Federer, Nadal Up Saturday

The reality is the nation's refining capacity along the Gulf Coast has been reduced by almost a third due to Hurricane Harvey. According to AAA, the Department of Energy reports that eight refineries in the Gulf Coast are in the process of restarting now. After Katrina made landfall, gas prices ascended by 49 cents in just a mere week.

The Labor Day price was $2.669 in 2016; $3.389 in 2015; $3.796 in 2014; $3.825 in 2013; a Labor Day-record $4.142 in 2012 (which analysts attributed to the August 6, 2012, fire at the Chevron refinery in Richmond, which reduced its refining capacity and the gasoline supply); and $3.932 in 2011, which then was a record. "I would advise that they only buy what gasoline they need, and to conserve where possible".

The supply drop caused a spike in oil prices felt all across the country.

More news: US Open: Pablo Carreno Busta beats Denis Shapovalov to reach quarter-finals

"Retailers will not be in a big hurry to lower prices for a number of reasons", Jenkins continued. The retail marketplace in the Savannah area is extremely competitive because there are hundreds of stores fighting for market share. The weekly increase was the second largest in the nation, AAA said.

The reality is that approximately 50 cents per gallon of gas goes to various taxes. A year ago, a gallon of gas sold for $2.159 in Denver and $2.187 in Greeley.

Share this article: Gas pump. Gas used to be significantly cheaper in Atlanta than in Savannah, but that has changed since we introduced the PumpPal card in coastal Georgia.

More news: Seven girls killed in fire at Kenya high school

"We are not aware of any fuel shortages at this time", she said. "We knew, based upon everything that is going on, it simply would not have been feasible to keep every single station that we have full of gasoline". Tiffany Wright, manager of public relations for AAA Carolinas, said the statewide average has gone up 37 cents in a week because of several refineries in Texas having shut down because of Harvey.

Gas prices on the upswing