Monday, August 28, 2017

Harvey's Impact

Hurricane Harvey brought unimaginable devastation to Texas this weekend, and our best wishes go out to all those affected. The economic impact promises to be immense: According to one estimate, rebuilding homes in the Houston area could end up costing as much as $40 billion.

We'll likely feel the effect here as well, since roughly a third of the nation's oil refineries are in southeast Texas. Wholesale gasoline prices are already looking at a 10 cent-a-gallon rise because of Harvey. Gasoline prices are likely to start rising in the coming weeks, say energy industry experts.

Places like New Jersey are expected to feel the biggest impact. In the Mid-Atlantic states, the price of a gallon of gas could rise 10 cents to 20 cents over the next two weeks.

No comments:

Post a Comment