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What Will Happen To Gas Prices As Gordon Steers Toward Refineries?
September 3, 2018
Millions of motorists traveling over the weekend paid the most expensive Labor Day gas prices in four years. Prices could get even more expensive, depending on the path and severity of Gordon.
Gas prices in Florida are higher than a week ago. The state average of $2.80 per gallon is 7 cents more than last week, and 17 cents more than this time last year. The state average rose 8 cents last week, in anticipation of strong holiday demand; then leveled off over the weekend.
The average price per gallon in Escambia County was $2.76.
So far, the Gordon has not affected gas prices, but that would change if refineries suffer damage or go offline. Refineries in Louisiana and Mississippi began making preparations for the storm on Monday. As of press time, no refineries, oil rigs or platforms have shut down.
The Gulf Coast is home to nearly half (45%) of the nation’s refinery capacity. Last year, pump prices surged after Hurricane Harvey made landfall in Texas as a Category 4 storm, causing mass flooding and refinery outages. Energy production dropped approximately 21 percent as a result. Although oil prices didn’t change much, gasoline futures jumped 47 cents within five days of Harvey’s arrival. Fifteen days after landfall, gas prices in the southeastern U.S. had climbed 40-50 cents.
“It’s too early to know just how much of an impact – if any – Gordon will have on prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Market watchers will pay close attention to how refineries respond to this storm. Any supply outages would likely cause prices to climb.”
Pictured: Drivers fill gas cans in advance of Gordon Sunday afternoon just across the state line in Atmore. NorthEscambia.com photo, click to enlarge.
Comments
One Response to “What Will Happen To Gas Prices As Gordon Steers Toward Refineries?”
There were a lot of campaign promises about plunging gas prices once pipelines were opened. Still paying around $3.00 a gallon. Not cheap, and still getting gouged by the oil companies who artificially jack up prices for long weekends and holidays.