Massive gas price surge credited to Hurricane Harvey

FROM GAS BUDDY

Average retail gasoline prices in New York have risen 28.5 cents per gallon in the past week, averaging $2.76/g yesterday, according to GasBuddy’s daily survey of 6,118 gas outlets in New York on Monday. This compares with the national average that has increased 23.8 cents per gallon in the last week to $2.64/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in New York during the past week, prices yesterday were 44.1 cents per gallon higher than the same day one year ago and are 29.8 cents per gallon higher than a month ago. The national average has increased 29.8 cents per gallon during the last month and stands 44.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on September 5 in New York have ranged widely over the last five years: $2.31/g in 2016, $2.59/g in 2015, $3.68/g in 2014, $3.85/g in 2013 and $4.01/g in 2012.

Areas near New York and their current gas price climate:
Syracuse- $2.69/g, up 30.5 cents per gallon from last week’s $2.39/g.
Rochester- $2.69/g, up 26.7 cents per gallon from last week’s $2.42/g.
Scranton- $2.85/g, up 31.3 cents per gallon from last week’s $2.54/g.

“Thanks to Harvey shutting down an extensive amount of refining capacity, the national average gasoline price saw its largest weekly jump since Katrina hit the Gulf Coast in 2005 when the national average jumped 49 cents in a week. Every state has seen average gas prices rise, Texas saw shortages at hundreds of stations- its been one of the most challenging weeks faced in years,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.

“Until Texas can recover from Harvey, gasoline prices will likely continue to remain elevated. The situation is beginning to look up, with many refineries either back online or in the process, and gasoline production is ramping back up. While it may be weeks or longer before all refineries are back online, we now turn our attention to Hurricane Irma. With the Colonial Pipeline having shut down last week due to a lack of products, Florida and the Southeast and Mid-Atlantic may be a touch and go area for gasoline. Products are flowing to the region, but we’ll have to keep a close on the storm, as Irma’s path continues to be updated. GasBuddy has expanded our emergency gas availability tracker to Florida, Georgia, the Carolinas and we are prepared to again expand coverage in case motorists need help finding gas in other areas. Much remains in the air, but the situation promises to be challenging if Irma threatens the U.S. mainland.”

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