Rising gas prices after Harvey threaten Trump economy

[DonViejo]

Source: The Hill




BY DEVIN HENRY - 09/04/17 08:37 AM EDT

Hurricane Harvey delivered a big hit to the nation’s oil industry and the effects could last long after its flood waters recede.

The storm knocked out wide swaths of American refining capacity along the Gulf Coast this week, raising gas prices and threatening to dampen the bright economic picture that President Trump has touted through his first nine months in office.

The national average gasoline price on Friday was $2.45 per gallon, according to auto group AAA, about $0.12 more expensive than two weeks ago, as refineries in the Gulf remain offline or slow to resume operations.

The group expects prices to go up another dime or more per gallon before the situation stabilizes later in September, said Jeanette Casselano, AAA spokeswoman. Gasoline prices last topped $2.50 nationally in August 2015. AAA will have a better picture of gas prices by next week, Casselano said, after refineries spend the weekend repairing damage and restarting, and as the markets react accordingly.

Read more: http://thehill.com/policy/energy-environment/348932-rising-gas-prices-after-harvey-threaten-trump-economy

[sinkingfeeling]

1. Ours was $1.89 to $1.99 last week. Today it's $2.29 to $2.49.

[no_hypocrisy]

2. This is the beginning. Gas is more expensive but available.

If the refineries aren't back on line within a couple of weeks, we're looking at shortages. I for one do not relish the return of the long lines of cars on odd/even days at the gas stations.

[cstanleytech]

6. Unless the refineries were hit with major saltwater damage I suspect they will be up and running

within a week or two at the most.
The reasons the price spiked though was people stupidly panicking and its a 3 day holiday.

[meow2u3]

3. Gas prices are going up daily

In Pennsylvania's Lehigh Valley--at least where I live--gas was at $2.85/gal. when I checked yesterday. Before the storm last Wednesday, gas was at $2.45/gallon.

I filled up my tank last week before the storm hit and haven't gotten gas since, but that's because I don't drive my car very far or often.

[Cryptoad]

4. "Man that swamp sure would make a good spot ,,,,

to build a bunch of Oil Refineries. think of the money we could save!"

[SharonClark]

5. Gas prices only matter if they go up two weeks before an election.

The hurricane is what might tank Trump's con economy.

[safeinOhio]

7. Mid-West oil refiners are raking it in.

Crude is real cheap and getting cheaper.
Capitalism is not "supply and demand".
Capitalism is "what the market will bear".

[Bengus81]

8. Yup....crude is about 3.00 a barrel cheaper than July 31st......

Yet gas prices here are about 50 cents a gallon higher on average. These dudes are lovin' every minute of this.

[Dopers_Greed]

9. I bet...

Dump's sugar daddy Putie is happy about this

[kimbutgar]

10. In the SF Bay Area they jumped it by 50 cents a gallon and we have refineries here

Price gorging by the oil industry.

[CountAllVotes]

11. It is worse up north

Their reason for the prices of almost $3.50/gallon *again* is said to be due to the cost of transporting the fuel, hence the highest gasoline prices in the whole of the USA. Now it is due to Harvey which has no real effect on gasoline prices here!

Luckily I do not drive much any longer!

Bunch of damned crooks!

[Yo_Mama_Been_Loggin]

12. Trump's benefitting from Obama's economic policies

Think he'll try to own the economy after this?

[videohead5]

13. Why Not Build Some

Refineries in other parts of the US?...we are still going to use gas for sometime to come.if we had refineries in other parts of the US and not concentrated in one place it would be better.

[cstanleytech]

14. Two main reasons are because no one wants it in their backyard and the other is

because the oil and gas companies do not want more refineries for fear that they wont be able to manipulate the price as easily.

[videohead5]

15. Maybe

Just build some for emergency situations.if a hurricane destroyed a refinery it would be a mess.

[cstanleytech]

16. Yes it would make sense but unless our government is the one that builds them

it's simply not going to happen.

[Zorro]

17. Refineries tend to be where the oil is

Saves crude transportation costs.

It's why there are so many refineries in Los Angeles, a high cost-of-living area.

[Sunlei]

18. bullshit. the water has drained from the refineries and next time they will learn to use generators

for power? so their trailers full of refrigerator chems won't explode?

[Kennah]

19. Peak Oil comin' (n/t)

[jgmiller]

20. Most refining is local

The refineries in the gulf area serve the gulf area. In general you do not refine in Houston and pipe it to say even as close as Oklahoma. Refineries tend to be near the source of the oil, unless of course there is no nearby source. It doesn't pay to pipe or truck the gas far from the refining.

The reason the price of gas is going up across the country is because they are taking advantage of the situation like they always do. For example the prices here in CA have been going up daily, the blend of gas we use in CA is only made in CA and certainly not in TX and we use oil that is pumped here. There is ZERO reason for our gas prices to go up except that they can.