Gas prices expected to rise as Harvey shuts down oil rigs

Gas prices could increase as the oil industry shuts down rigs because of Hurricane Harvey (CNN Photo)
Gas prices could increase as the oil industry shuts down rigs because of Hurricane Harvey (CNN Photo)

AUSTIN (KXAN/CNN) — As people line up at the pumps in preparation for Hurricane Harvey in Texas, drivers there and elsewhere could soon see higher gas prices.

The oil industry is shutting down operations for safety reasons as Harvey moves through the Gulf of Mexico. That move could push up prices between $0.05 and $0.15 per gallon, according to oil analyst Tom Kloza.

The exact affect on gas prices can be difficult to predict until there is more information on whether rigs are taken offline, according to AAA Texas. Gas prices averaged $2.148 in Texas as of Friday.

The price change is expected to affect south, southeastern and mid-Atlantic states. The prices should return to normal next week after Hurricane Harvey moves on its way.

 

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