Gas prices spike after hurricane

Gas prices spike after hurricane

Gas prices spike after hurricane

Oil prices turned lower on Thursday, reversing the previous session's sharp gains, as flooding caused by Tropical Storm Harvey continued to paralyze USA refineries of the Gulf Coast.

About 22 percent of US refining capacity and 13 percent of Gulf of Mexico oil output is offline because of Hurricane Harvey.

"At least 20 tankers were booked to load European fuels for the US since Harvey made landfall, a rate almost double the average for August, shipping data compiled by Bloomberg show".

U.S. West Texas Intermediate (WTI) crude futures were set to close the month down 8%, their steepest monthly loss since July 2016.

Itau Unibanco Banco Holding SA (NYSE:ITUB) Under Analyst Spotlight
Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company's stock. Investors often use this ratio to evaluate what a stock's fair market value should be by predicting future earnings per share.

On Wednesday WCS settled at $11.20 per barrel below the benchmark.

Gasoline prices in the US hit two-year highs as massive floods caused by the storm forced refineries to close. He said the national average could get as high as $2.75 a gallon in a worst case scenario.

Mac said the storm is affecting prices not just in Texas but in places like Oklahoma, Colorado and the Carolinas, which also depend on Texas refineries. The price spike is more dramatic in some states such as Georgia, where the average cost per gallon of regular gas has climbed from $2.22 a week ago to $2.39 now.

On global oil markets, Brent crude futures were up 20 cents or 0.4 percent, at $52.09 per barrel. This widened the crack spread, the difference between the prices of USA gasoline and crude oil. The average highest price recorded at the pump was $2.42 per gallon in March. "Despite the country's overall oil and gasoline inventories being at or above five-year highs, until there is clear picture of damage and an idea when refineries can return to full operational status, gas prices will continue to increase".

Chris Coleman hails Wales goal hero Ben Woodburn's composure
Earlier, Ireland were frustrated in Tbilisi as Valeri Kazaishvili cancelled out Shane Duffy's fourth-minute goal for the visitors. I think that the Wales team is able to drag the match in their native walls.

"Around 2-3 million bpd (barrels per day) of refining capacity is offline or in the process of shutting down".

Harvey made landfall on Friday as the most powerful hurricane to hit Texas in more than 50 years, resulting in the death of at least 17 people. However, it is still to be seen how it will affect the overall USA economy given a heavy reliance on oil.

They are expected to rise through mid-September as oil refineries in Texas were shut down.

Hurricane Harvey creates difficulties in nearly every section of life.

OH man charged after cutting throats of four puppies
According to a Thursday, Aug. 31 Facebook post, the puppies will be ready for adoption in a few weeks, after their injuries heal. She was out of town for two days, returned to find the injured puppies and called police.

Related news