Fuel prices have already gone up because of Hurricane Harvey. Now analysts say the pipeline disruption could have an impact on how high those prices will be, and for how long.
Dan McTeague, with gasbuddy.com says most people can expect an average increase of .15 cents per gallon because of Hurricane Harvey. "It will come slowly 3, 4 cents a day. It will be noticeable, but not abrupt as we've seen in the past."
That's far better than the increase we saw twelve years ago after hurricane Katrina. In some locations, it was as high as $4 to $6 per gallon. That won’t be the case this time. "The market has changed. It's not filled with speculators looking to short or long the system. It's very different than what we saw with hurricane Katrina and Ike."
Right now, 30 percent of the nation’s gas production is down. But, McTeague believes there is still an adequate supply in the Midwest. In other words, there is no need to rush out and buy gas. "I don't see any cause for gouging or any type of panic buying or selling."
For the latest gas prices, you can go to gasbuddy.com and type in your zip code.
As a precaution Gov. Rick Snyder on Thursday issued Executive Order 2017-6, declaring a State of Energy Emergency in Michigan as a result of the nationwide effects of Hurricane Harvey.
The declaration complements a U.S. Environmental Protection Agency order waiving certain requirements of the Clean Air Act relating to the sale, distribution, and use of gasoline during the summer driving season to address fuel supply emergencies.“This executive order will help ensure there are no artificial shortages of fuel impacting the state’s residents or visitors”, says Snyder.
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