September RBOB gasoline vs. October RBOB gasoline futures contracts
03 September, 2017, 05:55
Damage to energy supplies from Hurricane Harvey combined with the traditional increase in Labor Day travel is already leading to higher gas prices in MA, and U.S. Energy Secretary Rick Perry is tapping into the nation's strategic reserves as part of the federal government's response to the massive storm. The national average has increased 6.0 cents per gallon during the last month and stands 14.4 cents per gallon higher than this day one year ago. The state of emergency comes after the closure of the Colonial Pipeline, which supplies much of the gasoline from Houston to the east coast.
He says it won't last forever.
"I would definitely advise people to fill their pumps today, because I think we're going to see prices continue to rise", she said.
There are other stations with no gas, but Christi Craddick, chairman of the Texas Railroad Commission, urges Texans not to worry about a gas shortage.
He continued, "As gas prices go up refineries around the globe are seeing incentives to send gas to the United States". Others say they are just waiting for the prices to level out.
The Colonial Pipeline, which runs through the Upstate from Houston to northern New Jersey and serves the Southeast with 40 percent of its fuel, remains closed at least until Sunday, when its operator hopes to reopen the gasoline conduit.
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Azanza said consumers should keep in mind that the issue is mainly one of "a strain on fuel supply" rather than an actual shortage, and it will resolve itself when floodwaters recede and gasoline reserves become more easily accessible, and once more refineries are operational again.
"If your local gas station doesn't have gas, go down the street".
As of Wednesday evening, the Department of Energy (DOE) is reporting that 10 Gulf Coast refineries remain shut down.
With one-fourth of the country's refining capacity knocked offline due to havoc unleashed by Hurricane Harvey, gas prices are anticipated to increase more than 10 percent by Labor Day, officials at AAA Mid-Atlantic said. "Once the water recedes, those refineries may take a couple days to get back online".
Harvey hit Texas as a hurricane August 25 and destroyed tens of thousands of homes while also disrupting airlines and causing prices at gas pumps to jump. Argo said deliveries should resume this weekend if refined fuel products are available from Texas refineries. It shut down Wednesday as Harvey made a third landfall in southwest Louisiana, bringing flooding to the Port Arthur area. That would have a devastating impact on the region far beyond gas prices.
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The pipeline company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.03. New York-based Neuberger Berman Group Ltd Com has invested 0.03% in Magellan Midstream Partners, L.P. (NYSE:MMP). (NYSE:GES).
They could use funds to help care for these animals as well as local friends who would be willing to take in a foster pet. As now tropical storm Harvey returns to land in Louisiana, the rescue and cleanup effort continues in Houston.
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