Gasoline prices are surging again on Thursday amid refinery closures in Texas attributable to Hurricane Harvey.
Gasoline futures for September delivery are up 12% to $2.Eleven per gallon at 10:Forty a.m. ET. In their eighth straight day of good points, futures are on their longest rising streak in four years, in keeping with Bloomberg. Futures for October supply also rallied.
Costs at the pump are also higher. The AAA’s average nationwide fuel value at 3:43 a.m. ET on Thursday was $2.449 per gallon, up from a median worth of $2.348 per gallon last week.
Motiva’s refinery in Port Arthur, which is the largest in the US, shut down Wednesday as flood waters rose. And on Thursday, Colonial Pipeline, which owns the largest pipeline for gasoline distribution within the US, had planned to shut down its gasoline line as a result of Gulf Coast refiners have been unable to process crude oil, Bloomberg reported. “Deliveries shall be intermittent and dependent on terminal and refinery supply,the corporate said in an update.
To help with the gasoline shortage, the Vitality Division said Thursday it was releasing 500,000 barrels of oil from its Strategic Petroleum Reserve that holds provides for emergencies. The agency mentioned it loaned the barrels of each candy and bitter crude to a Phillips sixty six refinery in Lake Charles, Louisiana, which has not been affected by Hurricane Harvey.
The Fort Value Star-Telegram reported that some gas stations in the world may run out of provides through the Labor Day weekend. Fuel stations on the East Coast may also expertise shortages, Bloomberg reported, and this might ship gasoline prices even larger.
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