Gas Will Be More Expensive Than Ever Before In Montreal

JEN DOERKSEN  WINNIPEG FREE PRESS FILESDan McTeague senior petroleum analyst predicted the average pump price will jump from 88 cents a litre to 95.9 cents a litre or even higher at most gas stations in the city

Some experts say that gas prices could rise as high as 35 cents in some parts of the country, including Texas, because platforms and rigs were shut down in anticipation of the storm.

Average retail gasoline prices in IL rose 8.5 cents a gallon in the past week, averaging $2.34 statewide Monday, according to GasBuddy's daily survey of 4,378 gas outlets in IL.

Petroleum analyst Allison Mac with GasBuddy.com says the storm has affected 16 percent of the oil refining capacity in the USA, including ExxonMobile, the nation's largest refinery.

With current average prices statewide hovering around $2.30 per gallon, a predicted 15 cent per gallon increase would still be well below prices in years prior.

Harvey's impact will be further minimized by regional demand that has eased after the eclipse and will drop further after the Labor Day travel weekend, she said. States in the Rockies also saw price increases ranging from one to four cents per gallon.

In the aftermath of previous storms - such as Hurricanes Katrina, Rita, Ike and Isaac - gasoline prices peaked within two weeks after landfall at a level of 20 cents to 80 cents per gallon higher, according to PIRA Energy, an analytics unit of S&P Global Platts.

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Canadian gasoline prices shown on the GasBuddy.com website were little changed on Monday. South Carolina's average is $2.10.

Thornbrugh said since wholesale prices have gone up, retail prices for gasoline will also increase.

According to AAA Director of Marketing/Public Relations for Northern Pennsylvania Nina Waskevich, that spike is the byproduct of 10 oil refineries in southeastern Texas closing because of Harvey. Yet it was 2 cents lower than the state average of $2.13.

Hurricane Harvey unleashed unprecedented amounts of rain in and around the Texas Gulf Coast, affecting homes, businesses and oil refineries. If the refineries take more than a few days to come back online, motorists in the Carolinas and other regions across the country could see increases at the gas pumps. "It's still really early to tell what this is going to mean for long-term supply", said Denton Cinquegrana, chief oil analyst at Oil Price Information Service, of the shutdowns.

Prices have been fairly stable since August 9, when they jumped to $1.29 from $1.22 the day before. That's compared to more than $100 per barrel just three years ago.

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