Hurricane Harvey sent weekly US retail gasoline prices up 12% – EIA

HOUSTON (ICIS)–Weekly US retail gasoline prices rose an average of 12% nationwide due to Hurricane Harvey, the US Energy Information Administration (EIA) reported on Wednesday.

US retail gasoline prices on Monday 4 September averaged $2.68/gal, up 28 cents from a week ago.

Hurricane Harvey made landfall near Corpus Christi, Texas, on 25 August and churned up the Texas Gulf Coast to Houston and Port Arthur/Beaumont.

Several USG refineries affected by Hurricane Harvey have restarted, with some at reduced rates. However, several refineries remain down.

“Supply disruptions and refinery outages caused by Hurricane Harvey continue to affect gasoline supply and prices, particularly along the US East Coast and the Gulf Coast, where gasoline prices are 39 cents/gal and 35 cents/gal higher, respectively, than they were a week ago,” the EIA said.

The post-storm spike in gasoline prices is the biggest jump since 2005, when hurricanes Katrina and Rita struck the US Gulf Coast (USG).

Compared with other hurricanes that hit the US since 2000, Hurricane Harvey’s impact on gasoline prices was more gradual than the storms in 2005 had because refineries in Houston and Port Arthur/Beaumont began going offline in the days after the Harvey’s landfall near Corpus Christi.