Hurricane Harvey could cause U.S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.
Some refineries are expected to shut down until the storm passes, possibly disrupting gasoline supplies.
Wholesale gasoline futures rose Thursday by 5 cents, or 3 percent, to $1.66 per gallon, and experts say that will quickly show up on service-station signs.
Here’s a look a Hurricane Harvey’s potential impact on oil prices https://t.co/cs1LcQJpQJ pic.twitter.com/DyA68gxEFJ
— Bloomberg (@business) August 24, 2017
Patrick DeHaan, an analyst with GasBuddy, says Harvey could show up in retail prices as early as Thursday night. But he says doesn’t expect it will have as much impact as some past storms, such as Hurricane Katrina in 2005, which caused a 40-cent jump overnight.
In the Gulf of Mexico, oil and gas operators are evacuating workers from rigs.