Energy
Gas Prices Near Two-Year High As Harvey Shuts Down Refineries
No featured image available
Gas prices are 3 cents away from a two-year high after the national average jumped to $2.41 per gallon Tuesday, according to Gas Buddy fuel and oil analyst Patrick Dehaan.
Dehaan tweeted the fact out early Wednesday morning.
https://twitter.com/GasBuddyGuy/status/902839290090151936
Hurricane Harvey has knocked out roughly 3 million barrels per day, totaling a fifth of the United States’ oil refining capacity, severely hampering natural gas production, Axios reports.
“The continued increase in flooding [from Hurricane Harvey] creates high uncertainty on the amount of damage that US refineries will incur, the pace at which the shut down will reverse and the magnitude of capacity that will be impaired over the next few months,” a Goldman Sachs note said, according to Axios.
The Environmental Protection Agency has relaxed Clean Air Act and emissions standards for the state of Texas to help hurricane stricken communities get access to gas, the Washington Examiner reports.
The Renewable Fuels Association (RFA), the ethanol industry’s leading trade group, is urging Congress to reduce biofuel mixture mandates nationwide. Decreasing the amount of ethanol required in a gallon of gas would combat gas price spikes due to Harvey, according to the RFA.
All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].