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Gasoline spikes to two-year high with refinery shutdowns

Bloomberg 08/30/2017

Harvey’s destruction is crippling some of the nation’s biggest-producing oil refineries and severely disrupting the U.S. energy market. According to the Energy Information Administration,  about 18 percent of national refining capacity has been affected. The biggest refinery in the U.S., located in Port Author, Texas, has reportedly been shut down due to flooding. Gasoline prices for September delivery rose as much as 5.89 cents to $1.8422 a gallon on the New York Mercantile Exchange, reaching the highest price in over two years.

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