Gas prices spiking in Tennessee; analysts point to Hurricane Harvey

02 September, 2017, 01:16 | Author: Chad Mckenzie
  • Media playback is unsupported on your device                  Media captionHarvey's path and rain from Monday into Tuesday

The news of the closure sent gasoline margins (RBc1) soaring to a two-year high of $1.9350 a gallon, while margins RBc1-CLc1 jumped to a two-year high of $24.38 a barrel in Asian markets.

Still, DeHaan says there's no need to panic.

The Colonial Pipeline carries gasoline, diesel and jet fuel from several refineries in Houston, Port Arthur and Lake Charles, along the Texas and Louisiana Coast, up through the U.S. Southeast to Washington DC, Baltimore, and New Jersey.

Map of the Colonial Pipeline. Rather, motorists often rush to the pump whenever there's talk of a future shortage, thus exacerbating supply constraints.

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"Until they know everything is okay, they don't want everybody to rush and take all of it they've got, and deplete their supply", he said.

Gas prices are going up across the state this week. That's up more than 2 cents since the previous day and 11.6 cents since last week. Columbia came in at #18 with a hike of.249 cents a gallon.

GasBuddy estimates an overall Harvey impact of 20 to 30 cents per gallon to the national average, up from an earlier projection of 15 to 25 cents.

The Colonial Pipeline, which provides 40 percent of fuel on the East Coast, has been cut off due to the storm, which means gas prices will go up in D.C., Maryland and Virginia, according to the American Automobile Association. The average price per gallon in NY rose from $2.504 to $2.538 from Wednesday to Thursday, according to AAA.

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A crucial artery in the nation's fuel supply network, it provides almost 40 percent of the south's gasoline. Until then, deliveries will be intermittent and dependent upon supplies from refineries and storage terminals.

The Colonial is the biggest fuel pipeline in the USA, stretching 5,500 miles through 12 states. "Now, having said that, if people, you know, panic, and run out and get every gas can they have filled up because they're anxious about stations running out, there could be some isolated problems".

Harvey has been downgraded from hurricane status, but the storm continues to slowly track east through Texas and into Louisiana where more refineries and vital fuel hubs that feed into the Colonial are located.

Facilities at Houston and Hebert are being assessed after they were hit by the storm, Colonial said in a notice to shippers.

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"We can expect a short-term spike in gas prices, topping out around $2.50 per gallon for regular unleaded gas and will decrease mid to late September once the refineries/pipeline resume their normal productivity", said AAA spokeswoman Tara Ricard.

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    DeHaan said drivers can expect those prices to continue to tick upward the longer the refineries are out of service. At a Fort Worth Costco, customers were greeted with pre-hurricane prices, just a fraction over $2.06 per gallon.
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