Yes, you’re going to pay more for gasoline as a result of Hurricane Harvey but at least you’ll still be able to get it.
Allison Mac, petroleum analyst with GasBuddy.com, said it’s unlikely stations will run low on gas even though 16 percent of the nation’s refining capacity was idled by the storm.
That holds true for Texas and the state’s Gulf Coast, which may see the highest price increases given their dependence on the refineries forced to shut down, she said.
“Over the next two weeks prices can rise as much as 20 to 35 cents a gallon,” Mac said. “It’s going to be really hard to pinpoint because we don’t know the damage.”
How much they rise will depend on what happens when refineries attempt to restart in coming days, she said.
As of Monday afternoon, prices in Texas had already risen about three cents from the week before — hardly a dramatic spike, though gas is usually headed the other way this time of year, Mac said.
“Historically, prices during this time are decreasing,” she said. “We’re switching over to winter-blend gasoline, which is a cheaper blend of fuel.”
Mac said the storm is affecting prices not just in Texas but in places like Oklahoma, Colorado and the Carolinas, which also depend on Texas refineries.
“ There are refineries across the nation, but it’s a big hub,” she said. “There’s a lot of gasoline being produced out of Texas. Once something like this happens to this level we really do see a huge impact. We’re just going to see it get a bit more expensive.”
Not every part of the country will feel the impact. California won’t be affected since it uses a different blend of gasoline than Texas makes, and the Northeast gets its gas from refineries in Canada, Mac said.
At any rate, a temporary spike in gas prices is trivial compared to the wide-scale misery and destruction caused by the hurricane, she said. And even if prices are going up, gas is still pretty cheap due because of low oil prices. Right now gas prices are they second lowest they’ve been in the last 12 years, Mac said.
“ You’ve got to put it in perspective,” she said.
