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Thursday, 07 September 2017 17:30

U.S. average retail gasoline prices increase in wake of Hurricane Harvey

U.S. average retail gasoline prices increase in wake of Hurricane Harvey

U.S. retail gasoline prices on Monday, September 4, averaged $2.68 per gallon (gal), 28 cents/gal higher than prices a week ago. Supply disruptions and refinery outages caused by Hurricane Harvey continue to affect gasoline supply and prices, particularly along the U.S. East Coast and the Gulf Coast, where gasoline prices are 39 cents/gal and 35 cents/gal higher, respectively, than they were a week ago, before the full effects of the storm were felt, Caspian Energy News (www.caspianenergy.net) reports with reference to IEA.

The East Coast, Texas, and parts of the Gulf Coast were the hardest hit by rising gasoline prices in the wake of Hurricane Harvey. Gasoline prices in the Lower Atlantic region increased the most, up 41 cents/gal from last week. Prices also increased in the Central Atlantic and New England regions, up 37 cents/gal and 36 cents/gal, respectively, from last week. The Gulf Coast also saw higher gasoline prices, increasing by 35 cents/gal since last week. Texas and Florida, in particular, saw increases of 40 cents/gal. Gasoline prices in Houston, Miami, New York City, and Boston were up at least 35 cents/gal. Hurricane Harvey’s impact on gasoline prices was more gradual than the impact following Hurricanes Katrina and Rita had because refineries in Houston, Texas, and Port Arthur, Texas, began going offline in the days after the hurricane’s landfall near Corpus Christi.

November futures for Brent oil decreased to $53.99 per barrel at London exchange ICE Futures on September 7 (the price totaled $52.21 per barrel on September 6), the price for October futures of WTI at e-trading has decreased to $48.67 per barrel (the price totaled $47.46 per barrel on September 6) by now

 

More details:  https://www.eia.gov/todayinenergy/detail.php?id=32792

Person in charge of the newsline: Fidan Isayeva 

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