Gas Prices Up In Missouri

Oil sees slight recovery after hit from storm Harvey

Greater Victoria gas prices are expected to remain relatively stable despite anticipated hikes in the eastern part of the country after hurricane Harvey forced many refineries on the Texas Gulf Coast to shut down.

Nationally, wholesale gasoline prices will likely rise by an average of two to four cents per litre by Thursday, meaning consumers in certain markets could see much higher price increases.

Motorists throughout the USA should expect gasoline prices to jump, while consumers driving in Texas, Louisiana and neighboring states will see the largest increase in the coming days and weeks.

The refineries affected represent over 17 percent of the US gas production, around 3 million barrels a day, according to Tribune.

While sometimes gas price spikes are because of high oil prices, this time it is because of the refineries: "A few years ago in 2012, when prices averaged $4 a gallon because of oil prices, we were dealing with an entirely different situation", Mac explained.

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"Prices will likely rise almost country wide heading into labor day", DeHann said. Some analysts believe the increase could be 10 to 20 cents per gallon, though it would probably fall again as refining capacity comes back online. That's considerably lower than the national average of $2.40.

About 19 percent of oil refining capacity on the Gulf Coast is offline.

Hurricane Harvey has already had an impact on gas prices, and it's expected to continue having an impact for weeks to come.

Including the change in gas prices in Modesto during the past week, prices Sunday were 29.6 cents per gallon higher than the same day one year ago and are 5.2 cents per gallon higher than a month ago. In the Wichita area, major gas station retailers boosted per-gallon prices from $2.29 to $2.49 in many locations today.

"Retailers can either go out of business or pass their costs along", said Tom Kloza, director of global energy analysis at the Oil Price Information Service. Yet it was 2 cents lower than the state average of $2.13. The impact could linger for several weeks or longer, depending on how long it takes Texas refiners to return to normal operations. There, drivers will pay $2 a gallon at the Murphy USA on Eisenhower Road.

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