Since Hurricane Harvey first made land fall last Thursday, the Austin-area average per-gallon gas price has risen 11 cents, according to Gas Buddy.
Andrew Lipow, president of Houston-based Lipow Oil Associates LLC, said Texans and those gassing up around the United States can expect fuel prices to jump even further in the coming weeks.
“I’m expecting that over the next week, prices will go up 3 cents per gallon every day, and it is going to take the refining system a bit of time to recover,” he said.
The average Texas gas price has leaped from $2.134 to $2.219 in just a week, according to AAA Texas.
Gas prices have made this jump because of a limited refining capacity.
S&P Global Platts, an information provider for prices and holdings within the energy market, reported 11 refinery plants in the process of closing or reducing runs. Collectively, those 11 plants represent 12.6 percent of the total U.S. capacity for refineries.
S&P Global Platts also reports seven additional plants with reduced rates of refining. Combined with the already shut down plants, 18.1 percent of the country’s capacity to refine oil is affected.
The agency also attributed a lack of oil because of the lessened traffic into and out of the Gulf Coast, which restricts imports and exports of petroleum.
AustinGasPrices.com reports the cheapest gas in the Austin-area is available for $1.99 at various Costco locations and the most expensive gas is available for $2.49 at an Exxon station in Southwest Austin.