The End Of Lower Gas Prices Will Be Here Soon

Aug 30, 2017

Credit Wikimedia Commons

We've enjoyed some relatively low gas prices for several months, compared to prices of a few years ago.

That is about to change, thanks to Hurricane Harvey.

The Houston, Texas area has a large number of gas refineries.

Senior Petroleum Analyst Patrick DeHaan from the website gasbuddy.com...

"...it looks like gas prices are going to go up over the next few days. Wholesale gas prices have jumped by 25 cents a gallon in some places. Wisconsin's statewide average is up only about 3 cents per gallon. That means retailers have not passed along much of the increase, if at all. That means gas prices across Wisconsin are going to really going to accelerating in the days ahead...."

DeHaan says it probably is a good idea to fill up your tank soon, before the sharp price increases happen. DeHaan outlines how much damage has happened to refineries...

"...we're talking about a quarter of the U.S. refining capacity and we're talking about a worst-case given this storm. I don't see where a whole lot more could go wrong from what we imagined A third of refining capacity is in Texas and Louisiana, where Harvey's remains are moving through, so things couldn't be much worse...."

DeHaan speculates after the price increase it will take until Halloween or Thanksgiving for prices to begin to fall.