Harvey flooding leads to higher gas prices

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Average retail gasoline prices in Ohio have risen 7.4 cents per gallon in the past week, averaging $2.30 per gallon on Sunday, according to GasBuddy’s daily survey of 5,345 gas outlets in Ohio. This compares with the national average, which has increased 3.9 cents per gallon in the last week to $2.36 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Ohio during the past week, prices Sunday were 11.5 cents per gallon higher than the same day one year ago and are 7.1 cents per gallon higher than a month ago. The national average has increased 6 cents per gallon during the last month and stands 14.4 cents per gallon higher than this day one year ago.

“Gas prices are up in many places and motorists should be gearing up for more in the coming weeks, thanks to Hurricane Harvey inundating significant refineries along the Texas coastline, leading to closures and tilting the delicate balance of supply and demand,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Prices will likely rise nearly countrywide heading into Labor Day, from rural towns in the Rockies to major cities in the Midwest and West Coast — nearly everyone will feel a bit of a pinch at the pump from Harvey.

“The impact could linger for several weeks or longer, depending on how long it takes Texas refiners to return to normal operations,” DeHaan added. “In addition, the situation could worsen should more shutdowns or outages happen in the coming week as Harvey continues to drop feet of rain on already flooded Texas.”