Economy

Storm could drive up gas prices in Mass.

Storm could drive up gas prices in Mass.

Gas price analyst Dan McTeague says the flooding in Texas due to Hurricane Harvey could cause steep price hikes at the pumps in both the U-S and Canada.

Thirteen Gulf Coast refineries have been shut down or are in the process of shutting, while several others are operating at reduced rates, according to the most recent information from S&P Global Platts.

All West Coast states saw price increases over the week, with Hawaii ($3.09 per gallon) and California ($2.99 per gallon) leading the nation's most expensive markets.

On Aug. 27, Magellan Midstream Partners suspended all inbound and outbound refined products and crude oil transportation services on its pipeline systems in the Houston area.

Hurricane Harvey could send gas prices soaring by as much as 25 cents.

About 20 per cent of oil production has shut down along the gulf coast.

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Moyer is referring to the difference between when gas prices increase as a direct result of the increase in the price of oil. As the storm came ashore, numerous countries oil refineries were in its path and had to be shut down.

Some refineries have sustained damage during the storm and companies are working to assess what is necessary before resuming operations. We are asking the owners of Phillips 66- and Conoco-branded gas stations to exercise good judgement in pricing gasoline and diesel and we have reminded them about laws that prohibit price gouging.

The Environmental Protection Agency announced that it will waive environmental standards on gasoline for select counties in Texas.

However, in Greater Victoria, motorists are unlikely to see much change in prices, Parent said from London, Ont.

The rise was among the largest one-week price surges for the national average this summer, the report said. While the statewide average rose four cents there, prices vary in cities hit hardest by the storm. In the past week in OR, the average price for a gallon of diesel increased 2 cents to $2.80.

A year ago at this time, the average price was $2.11 in the Bay State. Although it is not expected to be a threat to SC, where it is expected to hit early next week, potentially heavy rains and strong winds could cause prices to spike at retail and wholesale levels, the news outlet reported.


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