In the past two weeks, there has been a sudden jump in the gasoline price, after Hurricane Harvey induced in closing the U.S. refineries.
As per a record in the Lundberg Survey that holds since 2011, this is the highest price hike ever as said by Trilby Lundberg, the Industry analyst, on Sunday. She also states that lately there’s a decline in the gasoline price after the resume of online refineries and that this prices will follow up at the pump stations, she suspects.
The average price of the diesel jumped straight to $2.73 per gallon from 16cents.
On the survey taken on September 8, the average price range was up 30 cents at $ 2.69/gallon of a regular gasoline. This is 48 cents higher price than the past year.
Gas was the most expensive in the contiguous United States, such as in San Francisco a gallon was at $ 3.21 and was the cheapest in Louisiana, Baton Rouge, a gallon was at $2.31.
As Hurricane Irma is expected to kick in the U.S., the pump station starts to face a pain. This rush came before Irma that is setting up the most ferocious and costliest storm in the history of United States.
From the perspective of the market, the futures of gasoline have been volatile throughout earlier stages of the Hurricane season. It was from August 21-31 the New York RBOB gasoline hopped nearly 35% and then declined in Sept, thereafter was flat in Friday trade. Though, prices at the pump station are continuing to rise, as noted by the “National Gas Price” chart.
Experts assume that the market will stay sensitive after the damages due to the storm and its post effect on supplies and refineries. Irma may not be charitable to that extent after such massive attack in the oil infrastructures. So no wonder the pumps are facing such higher prices.