Displaying items by tag: gas

Harvey made landfall in Texas a a category 4 hurricane last Friday, August 25th; the largest storm system to make landfall in the U.S. in more than a decade. In the process, Harvey destroyed or otherwise damaged refineries in the Gulf of Mexico, near Houston.

Patrick DeHaan, with GasBuddy.com, says that is going to affect the price at the pump in Akron and prices across the U.S., due to the trickle-down effect.

"This is such large event and there are so many refineries in Houston; you're talking about the energy capital of the U.S.," DeHaan told the Ray Horner Morning show Tuesday. He added that Harvey has tipped the supply and demand scale, with demand now outweighing supply, due to the damage to those refineries in the Gulf. DeHaan says that because of the amount of production at those affected refineries that has been temporarily thrown offline, we are seeing increases in our area and across the U.S. 

Below is the weekly release from GasBuddy.com detailing increases in Akron gas prices and including information on the impact Harvey will have: 

(GasBuddy.com) Average retail gasoline prices in Akron have risen 14.0 cents per gallon in the past week, averaging $2.32/g yesterday, according to GasBuddy's daily survey of 372 gas outlets in Akron. This compares with the national average that has increased 3.9 cents per gallon in the last week to $2.36/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Akron during the past week, prices yesterday were 16.3 cents per gallon higher than the same day one year ago and are 8.8 cents per gallon higher than a month ago. The national average has increased 6.0 cents per gallon during the last month and stands 14.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 27 in Akron have ranged widely over the last five years:
$2.16/g in 2016, $2.53/g in 2015, $3.39/g in 2014, $3.54/g in 2013 and $3.75/g in 2012.

Areas near Akron and their current gas price climate:
Cleveland- $2.25/g, up 4.2 cents per gallon from last week's $2.21/g.
Pittsburgh- $2.60/g, flat  from last week's $2.61/g.
Ohio- $2.30/g, up 7.4 cents per gallon from last week's $2.23/g.

"Gas prices are up in many places and motorists should be gearing up for more in the coming weeks, thanks to Hurricane Harvey inundating significant refineries along the Texas coastline, leading to closures and tilting the delicate balance of supply and demand," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "Prices will likely rise nearly country wide heading into Labor Day, from rural towns in the Rockies to major cities in the Midwest and West Coast- nearly everyone will feel a bit of a pinch at the pump from Harvey. The impact could linger for several weeks or longer, depending on how long it takes Texas refiners to return to normal operations. In addition, the situation could worsen should more shutdowns or outages happen in the coming week as Harvey continues to drop feet of rain on already flooded Texas."

Gas prices continue to fall as the new year moves forward. In the past week, gas prices have dropped more than a nickel in the past week in the Akron area, bringing the average price of a gallon of gas to $1.86, according to GasBuddy.com.

And it appears drivers will enjoy the benefits for months to come.

"By and large, at the end of the year, if you were to add up your receipts you'll find that you'll be spending about 10 to 12 cents less a gallon than you were last year." said Senior Petroleum analyst Patrick DeHaan.

DeHaan said prices in 2016 are expected to stay under $3 per gallon -- with the exception of areas in the West Coast. Even with possible refinery issues and the switch to "winter-blend," DeHaan doesn't expect the average price of gas to reach above $3.