Harvey causing Capital Region gas prices to increase
August 30, 2017 11:23 PM
Gas prices have increased in the past week in the Capital Region and are expected to jump even higher as we enter the Labor Day weekend. Prices are expected to shoot up throughout the country after Harvey shut down or slowed down over a dozen refineries in the Gulf Coast.
Stewart's Shops says gas up now, because the company is already being hit with wholesale price increases and that will soon be passed on to you.
"The actual cost of gasoline increased just over 30 cents since the hurricane hit and at this point we have raised retail prices, the price the customer pays, by about six cents," said Maria D'Amelia, Stewart's Shops.
About a third of the country's gasoline refining capacity has been affected by the storm. That has decreased the production of US gasoline by millions of barrels.
GasBuddy senior petroleum analyst Patrick DeHaan anticipates prices to go up 10 to 20 cents in the Capital Region.
According to GasBuddy, gas was $3.60 in Albany three years ago this month. It hit a three year low of $1.88 in February 2016. Prices have been in the low two dollar range for over a year now.
Prices are expected to go back down after those Gulf Coast refineries recover.
Updated: August 30, 2017 11:23 PM
Created: August 30, 2017 06:28 PM
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