NEW HAVEN, Conn. (WTNH)– The state is seeing a small increase in gas prices courtesy of Hurricane Harvey. Spokesperson with AAA Northeast Fran Mayko said, “In the next several weeks by mid September we could very well see increases of 15 cents a gallon. It’s anyone’s guess at this time. It depends on how much damage was done and how fast they can get the refineries back online.”
AAA Northeast said one quarter of the Gulf Coast’s oil refining capacity is off-line. That equates to 3 million barrels of gasoline a day. Mayko added, “The longer the refineries stay off-line the greater the potential for prices to increase.” There are also regional refineries in Delaware, NJ and Pennsylvania that supply us up here. If the price goes up even more people said they’ll either have to deal with it or carpool.
Bill Weist said, “They’re going to go up, and they are going to come down, but I’ve gotta drive.”
Jevon Robinson added, “I’ll probably catch more rides. I’d rather pay for rides than to pay that much for gas.”
The home heating oil industry is also seeing a small spike in prices in the wake of Hurricane Harvey.
Katie Childs with Tuxis Ohr’s Fuel Inc. said, “It’s the supply and demand. You’ve got the supply interruption in the gulf area and we are seeing some small spikes here. I think the gulf area is seeing significant spikes.” But we shouldn’t see much of an impact in the fall and winter.
Childs added, “The refineries are going to be going through a maintenance period anyway so If they can get back online and produce the product hopefully we won’t see much of an impact here.” So, Is it better to lock down the oil price now?
Childs said, “If you wanna lock in your price and take that risk away then that is certainly a good way to do it. You can also do cap programs and budget programs. I think that people who know their price and know what they are going to pay are really in a good spot for the winter rather than being subject to potential price swings that could come from things like hurricanes.”