Will Hurricane Harvey Affect CO Gas Prices?

Although Hurricane Harvey is a long way from Colorado, it still has the potential to affect the State’s gas prices. The storm crashed into the central Texas coast, straight through some of the country’s largest oil refineries. There are 16 oil refineries in the area that account for 18.2 percent of total U.S. oil refining capacity. While Coloradans should expect to see slight increases in gas prices until the storm’s full impact has been assessed, according to AAA Colorado, the effect will be minimal and short- lived. This is because Colorado receives most of its fuel from northern refineries, not the Gulf Coast. Prices in Colorado will only be significantly affected if the oil supply is routed elsewhere to account for sharply limited production, which is unlikely, but Coloradans should expect to pay a little more for gas for a little while.  According to AAA, the current average price for a gallon of regular, unleaded gasoline is $2.33, about two cents below the national average. That’s about level to the average price a week ago, and five cents more than Coloradans paid a month ago.

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