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Hurricane Harvey may be the cause
Read more: 5 Things your gas station isn’t telling youBut the sticker shock won’t end there. If the current trend continues, McKnight foresees an increase of nine cents by Saturday, which would put the price at 132.9 cents/litre. The last time gas prices touched this level was three years ago. The hikes being attributed to the effects of Hurricane Harvey. The storm has knocked out significant oil drilling and refining capacity in Texas and the Gulf of Mexico, and on Wednesday, the largest U.S. oil refinery shut down. The operator of a major pipeline carrying fuel to the East Coast said it was running at a reduced rate.
Read more: 6 ways to lower fuel consumption and saveColonial Pipeline says it plans to shut down a key line on Thursday. The company didn’t say how long it expects the closure to last, saying it will know more when workers can evaluate its facilities. McKnight points out that the Colonial pipeline is responsible for sending refined products from the Gulf area north to Eastern Canada.
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