Hurricane Harvey, which hit Texas on Friday, has pushed the price of gasoline nationally to $2.37 a gallon, 4 cents higher than prior to the storm.
The increase is the result of a quarter of the Gulf Coast’s oil refining capacity being shut down and eight refineries closing. Many of the refineries that remained open are working at a reduced capacity.
Valero’s refineries in Corpus Christi and Three Rivers suffered damage, and it is unclear when they will reopen.
Gas prices in the South and Southeast average three cents higher than last week.
In Texas, prices varied in areas hit by the hurricane from 1 cent cheaper in Corpus Christi to 4 cents higher in Houston. Several Texas gas stations have been closed because of the storm.
“No doubt, Harvey has impacted operations and access to refineries in the Gulf Coast,” Jeanette Casselano, AAA spokesperson, said. “However, a clear understanding of overall damage at the refineries is unknown. Despite the country’s overall oil and gasoline inventories being at or above 5-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.”
The largest price increase was 11 cents a gallon in Indiana.