Hurricane Harvey Could Hurt Gas Prices Here in Idaho
While the destruction in Texas may feel like it’s worlds away, we could be feeling the effects right here in the Gem State.
Disclaimer: This blog is no way insinuating that gas prices rising in Idaho is in any way comparable to the record-setting disaster in Texas. We’re simply informing you of why you may see a change at the gas pump.
AAA has confirmed that 25% of production refineries in the Gulf Coast have been shut down due to the severity of Hurricane Harvey. To put that in perspective, that equates to about 2,500,000 barrels a day that aren’t being produced. Daily.
Matthew Conde, Director of Public and Government Affairs, explains how that affects gas prices here in Idaho:
We’ve already seen a 21 cent increase just since the start of this month, now going into Labor Day, as demand continues to increase, if supply stays tight in other places we certainly could see a price increase here in Idaho, it’ll just be a ripple effect that spreads across the country depending on how fast that recovery happens.
To date, gas prices are up $0.29 cents from last year at this time.
If you’re wondering what you can do to help those affected by the terrible storm in Texas, click here.