Bahamas News

Fuel prices expected to spike after Harvey shuts down refineries

#Bahamas, September 1, 2017 – Nassau – The Bahamas and Caribbean were not directly hit by rainy #HurricaneHarvey but fuel shortages due to Texas oil refineries being down will impact local supplies say money experts.    Financial reports are revealing that the cost of #fuel at some gas stations in the United States have already spiked due to the limited supply caused when refineries were forced to close due to flooding caused by the storm which is now dissipated.

Oil refineries reopened today but it is unclear at this point whether that is enough to stave off a negative effect, including higher prices at the pumps for the region.

Reuters reports that: “At least two East Coast refiners, including #PhiladelphiaEnergySolutions and #IrvingOil, have already run out of gasoline for immediate delivery as they have rushed to send supplies to the U.S. Southeast, Caribbean, Mexico and South America to offset the lack of exports since Harvey.”

It was said in that news report that 24% of US capacity was impacted by the storm and that wholesale gasoline and jet fuel prices have soared.    It was said that the U.S. Environmental Protection Agency issued fuel waivers in 38 states and Washington, D.C. to ease concerns of supply shortages, still some are reporting a spike of 30 cents per gallon in states like Mississippi.

#MagneticMediaNews

Photo credit: Wall Street Journal

 

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