Hurricane Harvey sparks largest gas price hike since Katrina

(KFVS) - By now, you've likely noticed the price of gas has been on the rise since Hurricane Harvey hit Texas.

According to Patrick DeHaan, senior petroleum analyst for GasBuddy, the average retail gasoline prices in Missouri have risen nearly 26 cents in the past week. The average gas price in Missouri is $2.41, according to GasBuddy. Drivers in Illinois are seeing an average price of $2.52 while Kentucky's average price at the pump is $2.63. The national average is $2.64.

As of Sept. 4, prices were 40 cents per gallon higher than the same day in 2016.

Across the country, the national average has increased by nearly 30 cents per gallon in the last month. The average is nearly 45 cents higher per gallon than it was in 2016.

"Thanks to Harvey shutting down an extensive amount of refining capacity, the national average gasoline price saw its largest weekly jump since Katrina hit the Gulf Coast in 2005 when the national average jumped 49 cents in a week. Every state has seen average gas prices rise, Texas saw shortages at hundreds of stations- its been one of the most challenging weeks faced in years," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "Until Texas can recover from Harvey, gasoline prices will likely continue to remain elevated. The situation is beginning to look up, with many refineries either back online or in the process, and gasoline production is ramping back up. While it may be weeks or longer before all refineries are back online, we now turn our attention to Hurricane Irma. With the Colonial Pipeline having shut down last week due to a lack of products, Florida and the Southeast and Mid-Atlantic may be a touch and go area for gasoline. Products are flowing to the region, but we'll have to keep a close on the storm, as Irma's path continues to be updated.

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