Energy Secretary: US gas prices will rise in Storm Harvey's wake

The Marathon Petroleum Corp. refinery before the hurricane hit in Texas City Texas

For comparison - Canada produces around 2 million barrels per day to meet its own needs, Dan McTeague, senior petroleum analyst with, said. Citgo Petroleum Corp said it was moving to restart its 157,500-barrel-per-day (bpd) refinery in Corpus Christi, Texas.

".We're talking about a quarter of the USA refining capacity and we're talking about a worst-case given this storm". As a country we're dealing with a 2 million-barrel-a-day deficit.

For the rest of Texas that went untouched by the storm, it's becoming apparent that gas is increasingly hard to find.

The storm caused the closure of many oil platforms in the Gulf, and about a fifth of the region's oil output remained shut down, according to U.S. authorities. "There is now NO shortage of gasoline in Texas due to #Harvey". "If it was just a refinery in the Midwest it wouldn't be a problem". He said the national average could get as high as $2.75 a gallon in a worst case scenario.

Gasoline for October delivery fell to $1.7378 a gallon on the New York Mercantile Exchange at 1:41 London. The average in San Luis Obispo County is $3.20, up five cents from last week. Gas prices in the region are up nearly 20 cents from this time last week, CBS Dallas-Fort Worth reported.

DeHaan says it probably is a good idea to fill up your tank soon, before the sharp price increases happen.

The Texas Attorney General's Office advised any motorists seeing gas prices of $4 or higher to report the stations as price-gougers.

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In the last few days, prices have soared an average of 10 cents a litre across the country.

"There's a logistics issue", Sitton said, rather than a supply issue.

The global head of energy analysis for Oil Price Information Service, Tom Kloza says that, "This is going to be a substantial "ouch" for consumers".

The refinery shutdowns caused the Colonial Pipeline to shut part of its operation from the Texas Gulf Coast early Thursday because it doesn't have enough product to move through the pipeline.

"This release sends a message to the market that the US government is willing to address any kind of supply shortages".

How long this lasts will depend on how quickly the Gulf Coast refineries are back in business, especially the giants like Motiva's Port Arthur, Texas, plant and the Exxon Mobil refinery in Baytown, near Houston.

"This makes for a muddled September, where I would have suspected that gas prices would have dropped" in the September to December period, "as they normally do", he said.



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