As first responders attend to the devastation and destruction caused by Tropical Storm Harvey, fuel analysts wait to see how national gas prices will be impacted. Senior Petroleum Analyst for GasBuddy.com Partick DeHaan said that during Hurricane Katrina whole-sale gas prices shot up 40 cents a gallon. Though he expects a similar reaction, the current projections are still unknown.
DeHaan said, “With such tremendous damage in area of the country that is home to such a significant number of refineries, pipelines, oil rigs, what happens there could have a major impact on gas prices throughout the country and at least right now, there’s so much floodwater that there’s no way to assess how much there is.”
According to DeHaan, when energy markets open for electronic trading, that will be able to provide more insight into which way gas prices are going and how the market is digesting what is happening as a result of the damage caused by Tropical Storm Harvey.
