The effects of Hurricane Harvey are still being felt across the country in the form of steeper prices at the pump, with the average cost of a gallon of gas 28 cents higher on average than a week ago, according to federal data.
New figures released Wednesday by the Energy Information Administration show that gas prices on Monday, Sept. 4, averaged $2.68 per gallon, which was up 28 cents from a week earlier. In cities such as Boston, Miami, New York City, and elsewhere along the East Coast, the price per gallon was up 35 cents on average, the report says, blaming “supply disruptions and refinery outages” on the Gulf Coast.
Oil production in the Gulf of Mexico and onshore around Houston was slowed dramatically as a result of Harvey. Nearly 20 percent of the country’s total oil refining capacity was also knocked offline by the storm, leading to a major backlog in supply and disrupting global energy markets.
In the U.S., the greatest spike in fuel prices came in Texas, which took the brunt of the storm and where EIA data say prices skyrocketed as much as 40 cents per gallon.
While the price increases have been significant, federal energy analysts say the immediate spikes haven’t been as great as they’ve been during other recent hurricanes.
“In August 2005, gasoline spot prices rose nearly 30 percent within one trading day after the landfall of Hurricane Katrina in Louisiana. The gasoline spot price remained elevated for a second trading day before rapidly declining soon after,” the agency said in its Wednesday report. “In September 2005, prices rose by almost 30 percent within three trading days after the landfall of Hurricane Rita before similarly declining.”
• Ben Wolfgang can be reached at bwolfgang@washingtontimes.com.
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