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Why Aren’t Gas Costs Falling As Quick As They Rose After Hurricane Harvey

Why aren’t gas costs falling as fast as they rose after Hurricane Harvey
Fuel prices within the Syracuse area have fallen an average of 6 cents a gallon over the previous week. This Citgo station at Route 57 and Gaskin Highway in Clay was charging $2.Fifty eight a gallon on Friday, Sept. 22, 2017. (Rick Moriarty | rmoriarty@syracuse.com)

Syracuse, N.Y. — Fuel prices in Central New York and across the nation are heading back down, but not nearly as fast as they rose after Hurricane Harvey knocked out more than a quarter of the country’s refinery capacity.

Ceramic pall ringThe common price of a gallon of regular gasoline has fallen 6 cents over the previous week, from what is crude oil distillation process $2.Seventy three to $2.67, in response to the fuel value tracking service GasBuddy. Nationally, the worth has also fallen 6 cents, from $2.63 to $2.57.

However costs went up a lot faster after Harvey brought about large flooding in eastern Texas and compelled the shutdown of a number of refineries in that state. The average price of gas rose forty cents to 50 cents from the last week of August to the first week of September.

So why aren’t costs falling just as quick now that almost all refineries are back on line Patrick DeHaan, senior petroleum analyst at GasBuddy, stated there are a couple of causes for it.

Houston Police SWAT officer Daryl Hudeck carries Catherine Pham and her 13-month-outdated son Aiden after rescuing them from their dwelling surrounded by floodwaters from Hurricane Harvey on Aug. 27, 2017 in Houston. (AP Photograph/David J. Phillip)

First, Harvey was a fairly powerful storm and, as luck would have it, struck an space crammed with oil refineries. Harvey knocked out 28 p.c of the nation’s refinery capability almost overnight, representing a drop of 87 million gallons a day within the manufacturing of gasoline, DeHaan said.

A flame burns on the Shell Deer Park oil refinery in Deer Park, Texas, on Aug. 31, 2017. Firms reported that roughly two dozen storage tanks holding crude oil, gasoline and different fuels collapsed or in any other case failed throughout Harvey, spilling a combined 140,000 gallons of gasoline.

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