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'The Hurricane Harvey effect:' storm behind gas price hikes
02 September 2017, 01:25 | Gordon Grant
Gas hike expected to last a few weeks at least
Calgary motorists are feeling the impact of Hurricane Harvey as gasoline prices jump and will likely continue rising.
The Canadian average gasoline price has risen above $1.16 per litre ahead of the Labour Day long weekend.
McTeague says roughly 31 per cent of gas production in the United States has been affected by the flooding on the Gulf Coast. "With winter coming, winter gas is cheaper, so we should see prices go down a bit, at least back to what people are more used to".
Over seven days, Saskatoon saw gas prices rise from 99.9 cents a litre to 109.9 cents as of Friday.
Fourteen oil refineries, representing around 30 per cent of all oil-refining capacity in the USA, have been closed because of the flood water that has devastated Houston and dozens of other towns along the Gulf of Mexico coastline, said Dan McTeague, senior petroleum analyst with GasBuddy.com.
How you can help Hurricane Harvey relief efforts Checks can be made out to " American Red Cross - Hurricane Harvey Relief". "We are beginning a massive relief effort". The company's global portfolio includes producing assets in the Harvey-affected Eagle Ford Shale and GOM.
McTeague says he expects prices to stay between $1.25 to $1.35 until mid to late September.
"If we keep our prices low, that shortage will morph into wholesalers driving north of the border under free trade - and picking up dozens of tankers in gasoline and that will eventually see a run in our own supplies", McTeague explained.
Nova Scotia's benchmark price of gasoline is based on an average of the daily market price for refined gasoline on the New York Mercantile Exchange, converted into Canadian dollars.
McTeague said how much the price actually jumped up works out to be closer to nine cents, but the message is the same. He said this might help Calgarians anticipate the increases better and perhaps feel the effect a little less.
Less supply causes a higher demand, which is why gas prices are up. "Yeah, so here, they don't have it either", Beasley said.
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