Hurricane Harvey May Spike Gas Prices
With Hurricane Harvey battering the Gulf of Mexico, gas prices could rise over the next few weeks. NBC News reports that as the storm makes landfall in southeastern Texas many refineries and other faculties in the area have had to close.
NBC says that according to U.S. Energy Information Administration, nearly half of the Untied States' refining capacity is centered in the Gulf of Mexico. It could take weeks for the region to recover from the storm and return to full production.
With the disruptions, closings and uncertainty brought on by the storm, UPI reports that gas prices could rise as much as 15 cents a gallon. The amount of flooding and clean-up time could lead to the spike.