Storm Harvey Impacting High Country Gas Prices

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As once known Hurricane Harvey continues to spiral to an eventful end in the coming days, gas prices locally have spiraled up just within the last few days. Incoming social media reports indicate that prices in Boone rose as much as 20 cents plus within the past 24-48 hours.

Prices for regular gas in Boone range from $2.35 at three stations, to $2.59 at one location. Seven stations were selling for $2.45 a gallon, according to North Carolina Gas Prices.

AAA Carolinas said on Wednesday that gas prices in the Carolina’s have now risen to a statewide average of $2.29 in North Carolina, a ten cent increase from a week ago. The organization warned that another spike in prices could happen before the week is over.

In a Thursday update from Colonial Pipeline, the largest refined products company in the U.S., Colonial’s Lines 1 and 2 continue to operate from Lake Charles east. Deliveries will be intermittent and dependent on terminal and refinery supply. The lines remain down from Houston to Hebert due to the storms. The company estimates a return to service from Houston on Sunday. The status map as of Thursday can be found below.

According to a Thursday report from the Bureau of Safety and Environmental Enforcement, personnel remain evacuated from a total of 94 production platforms, which represents 12.75 percent of the 737 manned platforms in the Gulf of Mexico. BSEE adds, “From Gulf of Mexico operator reports, BSEE estimates that approximately 13.49 percent of the current oil production of 1,750,000 barrels of oil per day in the Gulf remains shut-in, which equates to 236,115 barrels of oil per day. BSEE also estimates that about 17.64 percent of the natural gas production of 3,220 million cubic feet per day, or 568.09 million cubic feet per day, remains shut-in. Shut-in production information included in these reports is based on the amount of oil and gas the operator expected to produce that day.”

A little over 16% of the US total oil refining, condensate splitter and processing capacity is in the Corpus Christi/Houston/Texas City/Baytown regions, according to Oil Price Information.

The Gulf of Mexico region accounts for 17% of total U.S. crude oil production and federal offshore natural gas production in the Gulf accounts for 5% of total U.S. dry production, according to the U.S. Energy Information Administration (EIA). Stats from EIA also show that over 45% of total U.S. petroleum refining capacity is located along the Gulf coast, as well as 51% of total U.S. natural gas processing plant capacity.

Patrick DeHaan, Fuels and Oil Analyst for GasBuddy.com tweeted out a graphic on Thursday of the top 25 spikes since last week.

 

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