Gasoline Spikes To $2/Gallon, Crude Slips As Harvey Wreaks Havoc On Refiners

Gasoline prices hit $2 a gallon for the first time since 2015 on Thursday as flooding from tropical storm Harvey knocked out almost a quarter of U.S. refineries, while crude oil prices fell again on the resulting drop in demand. Harvey has battered the U.S. Gulf coast since last Friday, ripping through Texas and Louisiana at the heart of the U.S. petroleum industry. At least 4.4 million barrels per day (bpd) of refining capacity was offline, or almost a quarter of total U.S. capacity, based on company reports and Ripples Advisory estimates.

Fearing a gasoline supply squeeze, U.S. gasoline prices on Thursday jumped to $2 per gallon for the first time since July 2015. Crude prices, by contrast, fell as the closure of so many U.S. refineries led to a slump in demand for the most important feed-stock for the petroleum industry.

Earn Money In Commodity Market Tips>> Click Here>> http://www.ripplesadvisory.com/services.php Or A Missed Call @ 96444-05056.

You May Also Like

0 comments

Note: only a member of this blog may post a comment.