Fuel Prices Expected To Surge Because of Harvey

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Almost 15 % of the U.S.’s oil-refinery capacity has been knocked out by flooding from Hurricane Harvey, elevating gasoline futures prices. “It’s obviously going to be a lot worse than what we have been telling folks on Friday,Patrick DeHaan, a senior petroleum analyst for GasBuddy.com, told The Dallas Morning Information. DeHaan said there’s a “huge hazard that the numbers could change in a moment’s notice,with gasoline prices expected to leap by 15 to 25 cents alongside the Gulf Coast and 5 to 15 cents outdoors the region. Refineries owned by Petrobras, Phillips 66, Exxon Mobil, and Shell have been all shut down Sunday due to the flooding. The consequences could also be felt on the nationwide economic system, as Harvey’s destruction is the first large-scale disaster in an energy-manufacturing region because the U.S.

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