Gas prices soar 7 cents overnight with Labor Day around the corner

Senator Edward Markey said in a letter to Trump that an immediate release of gasoline from the nation's oil product reserve, or crude oil from the Strategic Petroleum Reserve (SPR) would help protect consumers from price increases at the pump and tame market speculation that could harm consumers.

But refineries around the country are moving supplies south to cover the shortages. The oil will be delivered via pipeline to the Phillips 66 refinery in Westlake, LA.

".We're talking about a quarter of the USA refining capacity and we're talking about a worst-case given this storm".

"We're in the process of restoring runs of crude processing by 1.8 million barrels a day, and several refineries will be increasing their rate of processing at their rated capacity in the next few days", said Andrew Lipow, president of Lipow Oil Associates. One of the latest problems that emerged is the fact that Dallas, Texas was running out of gas.

"They got several other refineries shut down right now and they actually had to shut some of the wells off out there in the gulf because of the hurricane".

In the Big Apple, the average price is up about 13 cents from a week ago, to $2.73.

In the Illinois Quad-Cities, the average price of a gallon of regular gasoline on Friday was $2.43, up 4.8 cents from Thursday, according to GasBuddy. They've also climbed nearly 18 cents a gallon from last week's average and stand almost 21 cents a gallon above last month's average. Gas prices in the region are up nearly 20 cents from this time last week, CBS Dallas-Fort Worth reported.

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Some states, like Georgia, have seen prices rise as much as 12 cents a gallon as reduced supply has hampered distribution.

"I think it'll just last a little bit". And price spikes are even more severe in some Southern states. Prices increased 5 cents alone from Wednesday to Thursday. Some of the apps will also tell you if the stations are out of gas.

"There's a logistics issue", Sitton said, rather than a supply issue.

Texas oil refinery shut by Harvey. It expected to resume distribution from Houston on Sunday.

"Overall stocks (of gasoline) in the Gulf are above average levels and will be available to drivers once power is restored and area roads are cleared".

With heavy rainfall expected for the rest of the week, it "will be a while before operations can return to normal and the USA refining industry is bracing itself for an extended shutdown", wrote Stephen Brennock, an analyst at oil brokerage PVM Oil Associates Ltd., in a note Wednesday.


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