Hurricane Harvey: Gas prices could spike by as much as 15 cents

Credit: DaytonDailyNews

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Why Hurricanes Can Cause Us to Pay More at the Pump

Credit: DaytonDailyNews

With a significant number of Texas refineries closed in the wake of Hurricane Harvey, gas prices are expected to increase 5 to 15 cents this week, AAA said Monday.

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One in every five barrels of gasoline produced in the U.S. has been threatened by Harvey, Oil Price Information Service said.

The storm, which made landfall early Saturday near Corpus Christi, has caused torrential rain, extensive flooding  and widespread damage in Southeast Texas.

Gas is already up by 5 cents or more in some areas of the south.

Drivers should not be surprised to see prices continuing to rise, according to AAA.

Explore>> Related: Houston braces for more flooding: Live updates

“This is a very fluid situation,” AAA spokesman Mark Jenkins said.

“I’m forecasting an increase of 5 to 15 cents at the pump, due to the precautionary shutdowns,” he said.

"That increase is likely to play out this week. It may take a week before we get a full assessment of any damage to the fuel infrastructure. If there is significant damage that leaves refineries down for an extended amount of time, we could see gas prices move up even higher."

Explore>> Related: Houston police officer drowns in Harvey floodwaters, report says

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EPHRATA, PENNSYLVANIA, UNITED STATES - 2012/04/20: Super gas station. (Photo by John Greim/LightRocket via Getty Images)

Credit: John Greim

EPHRATA, PENNSYLVANIA, UNITED STATES - 2012/04/20: Super gas station. (Photo by John Greim/LightRocket via Getty Images)
Caption
EPHRATA, PENNSYLVANIA, UNITED STATES - 2012/04/20: Super gas station. (Photo by John Greim/LightRocket via Getty Images)

Credit: John Greim

Credit: John Greim

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