Gas Prices could Spike due to Hurricane Harvey

Hurricane Harvey could greatly impact gas prices in the coming weeks. AAA Carolinas reports that several oil and gas refineries along the Texas Gulf Coast have temporarily shut down operations and production as the area recovers from the devastating disaster. How quickly the refineries reopen will depend on the severity of the flooding and the restoration of power to the areas. Right now, the statewide average for a gallon of regular unleaded gas in South Carolina is $2.10. Gas prices could increase from 5 to 25 cents per gallon or more overnight or in the next several days. The possible gas price increase comes at a time when many Carolinians are making plans to take a final summer vacation with a road trip for the Labor Day holiday. Despite the potential for gas price increases and shortages, oil and gasoline inventories across the country have been sitting at high levels all season. Immediate shocks to supply and demand may be contained. If the refineries take more than a few days to come back online, motorists in the Carolinas and other regions across the country could see increases at the gas pumps. AAA Carolinas, an affiliate of the American Automobile Association, is a not-for-profit organization that serves more than 2.1 million members and the public with travel, automobile and insurance services while being an advocate for the safety and security of all travelers.