Hurricane Harvey causes gasoline prices to spike!

By Maritime Energy | Aug 31, 2017

We want to inform our customers that gasoline costs are skyrocketing with the effects of Harvey. The U.S. has seen the largest-ever refining capacity shutdown due to a storm, with about 5 million b/d, or 31%, of the nation's refinery capacity out of commission so far. Flooding from Harvey has caused four refineries in Port Arthur and Beaumont in East Texas to shut, and more refineries in Lake Charles, La., could follow suit as the tropical depression sweeps east.

Our cost of product in the last 3 days has gone up 24 cents per gallon. Today the market is up over 26 cents per gallon which means the total cost increases so far may exceed 50 cents a gallon by tomorrow.

Unfortunately, expect gasoline prices to increase at the pump.

Of course our thoughts are with everyone in Texas and the terrible devastation they are experiencing.

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