As Hurricane Harvey continues to bring impactful damage to the state of Texas, it is also predicted to cause Gas prices to rise by as much as 25 cents per gallon across the nation. Here’s why –
The areas affected in the state of Texas are facing one of the worst flood disasters in the history of the United States. And even though Harvey has been officially downgraded to a tropical storm, the overall damage has caused a major disruption of fuel supplies.
“As the amount of rain continues to add up, there’s more and more risk that there could be water damage, especially to storage facilities and underground pipelines,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.
Experts have predicted that the storm would add about 15-25 cents per gallon to the cost of oil. By comparison, Hurricanes Katrina (2005) and Rita (2005), which hit the states of Louisiana and Texas, caused a nearly 40 cent hike in gas prices.
Following the decline of the super-storm, and into the Labor Day Holiday weekend, we can expect prices to stay high throughout most of the month of September as the oil refineries work to get back into production and bring the gasoline market back to balance.
Now you might be wondering – “How can I save on gas this month?”
Here are some easy tips to help your gas budget stretch as far as possible over the coming weeks:
- Labor Day weekend is a great time to travel with family or friends, but if you don’t already have plans, you might want to consider a stay-cation. Instead of burning fuel, spend your time working around the house or finishing up that end-of-summer yardwork you’ve been putting off.
- Try biking or carpooling to work. Not only will you save money on gas, but you might even clock in some additional exercise.
- Buy gas earlier in the day, or in the evening. Gas is cooler and denser in the early mornings and at night. As temperatures rise (especially in the summer months,) the density of gas falls and you get less of it when you pump.
- Don’t wait until your tank is empty to fill up. If you wait until the last possible minute, you may be stuck paying for whatever gas you can find nearby, not allowing yourself to search for the best deals.
- For more insight into the fluctuating costs of gas, and to calculate how much your commute is costing you, check out my Daily Commute Cost blog post!