U.S. Gasoline Prices Fall After Harvey Recovery

U.S. Gasoline prices fell Monday as the shipping, pipeline, and refinery operations reopen after recovering from the damage of Hurricane Harvey.  The storm dumped an estimated 50 inches of rain over southeastern Texas forcing officials to close many ports in the area bringing oil shipping to a halt. The US Coast Guard put out an update stating that many ports affected by the storm were reopened to “day and night transit” allowing oil shipping operations to continue. Colonial Pipeline Co. who transports more than 3 million barrels per day (bpd) of fuel from its refineries in the gulf to the North East is scheduled to restart its operations Monday afternoon. As more oil companies recover from Harvey we should see gas prices continue falling back to normal.

 

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