Gas prices: How high will they go?
- Author: Salvatore Jensen Sep 03, 2017,
Sep 03, 2017, 23:38
The last time the national gas price average was $2.50 was in August 2015, according to AAA. According to GasBuddy.com the closed refineries account for roughly 25 percent of USA refining capacity. October is a bit questionable. On top of that, analysts said some gasoline from the Northeast is being diverted to Florida, and gasoline exports are contributing to the higher prices. "It all depends, however, we are very optimistic to see prices coming down at the end of the month".
He said Marathon and Valero refineries in Texas City are on stream and ramping up operations, as is the Houston Valero refinery.
"Great Lakes supply is fine".
AAA said early Friday gas prices rose at least 15 cents in 24 hours in Dallas; El Paso, Texas; and Athens, Georgia.
Motor fuel prices slipped 2.3 percent in NY on Friday amid signs some U.S. Gulf refineries are preparing to restart operations.
At the 16th Street DP in Hoboken, drivers were experiencing a drastic overnight increase, and while many still hit the road in search of one last weekend of summer fun, there were cooler than average temperature readings in town on Friday.
Oil prices fell today in the wake of Hurricane Harvey, which has killed more than 40 people and brought record flooding to the oil heartland of Texas, paralysing a quarter of the United States refining industry.
U.S. Energy Secretary Rick Perry is tapping into the nation's strategic oil reserves to try to slow the spiking prices. They expect prices to ease toward late September. But consumers shouldn't fear: there is no damage to the pipelines themselves and no shortage of gas.
The refineries' challenges include a loss of electricity, whether workers can get to their jobs and the facilities' ability to gather and distribute crude oil and petroleum products, according to the Energy Information Administration.
Refinery, pipeline and logistical problems on the Gulf Coast are expected to squeeze fuel supply delivery volumes to the Southeast, Midwest and Mid-Atlantic.
"Don't worry, we will not run out", Abbott said, "and we will be back into our normal pattern before you know it".
For those looking to save on gas during the price spikes, Gray recommended taking advantage of fuel points programs from credit cards and customer cards or using services such as the AAA app to find where gas is cheapest nearby.