Wednesday, 23 January, 2019

Hurricane Harvey Leads to Gas Price Surge in New Jersey

Weather graphic courtesy of the National Hurricane Center Weather graphic courtesy of the National Hurricane Center
Nellie Chapman | 08 September, 2017, 00:57

Prices at the gas pump climbed to new highs Wednesday, as the effects of Hurricane Harvey continued to weigh on fuel supplies.

"We have been working diligently and expeditiously to complete the fix work and restore service following Hurricane Harvey and the unprecedented flooding in the Gulf Coast last week", the press release said. In response, gasoline prices across the US spiked to their highest level in two years.

Since Harvey first slammed Texas, the statewide average gas price in SC has risen 42 cents to $2.53 and 40 cents to $2.63 in North Carolina.

The GasBuddy app proved critical during Hurricane Harvey when record numbers of motorists downloaded and utilized the app over the one-week period that covered Labor Day weekend and beyond; and was utilized by federal and local governments to assess the situation in gasoline terms.

The East Coast and Gulf Coast were hit the hardest by rising gasoline prices, the Energy Information Administration noted.

Of the metro areas in Texas, drivers in Dallas are paying the most on average at $2.67. Pump prices in Florida and Texas were up 40 cents.

Gov. Roy Cooper issued an executive order declaring a state of emergency August 31, which lifted certain restrictions on drivers who were transporting gasoline and providing emergency relief to Texas and Louisiana.

The Colonial Pipeline Co. announced in a press release Monday that its pipeline in the Houston area was operating again and that this should cause the distribution of gas to return to normal. In total, 11% of USA refining capacity remained out of commission as of Tuesday evening, according to S&P Global Platts. Milton-Freewater's average is at $2.80, a rise of nine cents a gallon.

Analysts say the post-Harvey spike in retail gasoline prices should begin to subside sometime next week.

Hurricane Irma is barreling toward the Caribbean and expected to reach Florida by the weekend bearing sustained winds of more than 110 miles per hour, according to the National Weather Service.