Wilmington – Hurricane Harvey (now Tropical Storm Harvey) has unleashed unprecedented amounts of rain in and around the Texas Gulf Coast since the weekend, affecting homes, businesses and oil refineries. About one quarter of the refining capacity in the region has been knocked offline, leading to more expensive gas prices across the country.
National Gas Prices
At $2.38 per gallon, today’s national gas price average is four cents more expensive on the week and one of the largest one-week national gas prices surge seen this summer.
The national average could climb to $2.50 as a result of Harvey. The last time the average reached $2.50 was Aug. 28, 2015. Some Texas refineries could be back online as early as the end of this week, while refineries near the Texas/Louisiana coast are operating at reduced rates.
Local Gas Prices
The immediate impact is not as dramatic at gas pumps in Delaware so far, but this could change in a matter of a few days, ahead of the Labor Day holiday weekend. States along the Gulf Coast and east of the Mississippi River will feel the biggest impact over the next seven to 10 days.
- At $2.25 per gallon, today’s Delaware gas price average is up five cents overnight and up three cents over last week.
- At $2.22 per gallon, today’s Dover gas price average is up four cents overnight and up two cents over last week.
- At $2.33 per gallon, today’s Maryland gas price average is up two cents overnight and up three cents over last week.
“Despite the country’s overall oil and gasoline inventories being at or above 5-year highs, until there is clear picture of damage and an idea when all refineries can return to full operational status, gas prices will continue to increase,” said Ken Grant, manager of public and government affairs for AAA Mid-Atlantic. “Pump prices are expected to climb at least through the Labor Day weekend, when drivers could pay the highest gas prices for the holiday in two years.”
CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)
|
8/29/17 |
Week Ago |
Year Ago |
|
| National |
$2.38 |
$2.34 |
$2.22 |
| Delaware |
$2.25 |
$2.22 |
$2.12 |
| Dover |
$2.22 |
$2.18 |
$2.12 |
| Maryland |
$2.33 |
$2.30 |
$2.21 |
As cataclysmic as it is, Harvey is no Hurricane Katrina, which caused pump prices to jump as much as 30 cents a gallon in some places in one day, before quickly hitting $3 a gallon and above for the first time ever across the nation and prompted crude oil prices to spike briefly “to above $70 per barrel before dropping.” For perspective, pump prices are also well below the highest ever prices at the pump of $4.11 per gallon, which occurred in July 2008.
Pennsylvania gas average at $2.62 today, up 4 cents overnight and up 8 cents in the last week.
New Jersey gas average at $2.46 today, up 5 cents overnight and up 9 cents in the last week.
Delaware gas average at $2.38 today, up 8 cents overnight and up 18 cents in the last week.
Maryland gas average at $2.43 today, up 7 cents overnight, up 14 cents in the last week.
The Philadelphia (5-county) area gas average at $2.65 today, up 6 cents overnight and up 11 cents in the last week.
S. Jersey gas average at $2.40 today, up 6 cents overnight and up 11 cents in the last week.
Wilkes-Barre area gas average at $2.58 today, up 3 cents overnight and up 5 cents in the last week.
National gas average at $2.45 today, up 5 cents overnight, up 10 cents in the last week.