Published: Fri, September 01, 2017
World | By Paul Elliott

Toronto gas prices rising thanks to Harvey

Toronto gas prices rising thanks to Harvey

Hurricane Harvey hit one of Florida's major supply lines, forcing evacuations at multiple refineries.

Around Philadelphia, including Bucks and Montgomery counties, the average price per gallon of gas climbed to $2.56 on Tuesday, up two cents from Monday and one cent over the last week. The national average diesel price rose a penny to $2.54. The cheapest gas was priced at $2.01, at both Cosco and Sam's Club, according to GasBuddy.com. Several oil and gas refineries along the Texas Gulf Coast have temporarily shut down operations and production as the area recovers from the devastating disaster. The total and partial shutdowns have wiped out about 4 million barrels of refining capacity, Platts estimates.

As cities in Southeast Texas deal with the devastating aftereffects of Hurricane Harvey, some pain will also be felt at the pump at suburban gas stations.

AAA said the EPA is taking steps to help prices from going up too sharply by waiving environmental standards on gasoline for multiple counties in Texas. The Texas Gulf Coast is home to about 30 refineries that account for almost 30% of US capacity.

The immediate impact is not as dramatic at gas pumps in DE so far, but this could change in a matter of a few days, ahead of the Labor Day holiday weekend.

Toronto gas prices rising thanks to Harvey
Toronto gas prices rising thanks to Harvey

He continued, "As gas prices go up, refineries around the globe are seeing incentives to send gas to the United States".

McTeague is expecting gas to increase another 10 to 15 cents next week as well.

Last month in Louisiana, the average cost per gallon was $2.09. Patrick DeHaan, senior petroleum analyst at GasBuddy, said the national average could climb as much as 10 cents a gallon this week, followed by another gain of 5 to 10 cents next week.

"While gas prices have the potential to increase following the devastation from Hurricane Harvey, it's important we stress to motorists to avoid panicking at the pump", said AAA Carolinas spokesperson Tiffany Wright.

MA is also on the rise, up 1.8 cents in the last week to $2.33 per gallon on average.

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