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The epicentre of United States’ oil and gas industry is getting slammed by Hurricane Harvey and that’s causing some sticker shock in Regina.
Last week, as the storm gained strength in Texas, gas prices rose by $0.07 in the Queen City.
“Two cents of that was due to the anticipation of Hurricane Harvey and what that’d do to future prices of gasoline,” explained Dan McTeague, senior gas analyst with GasBuddy.com, to the CJME Morning Show.
McTeague estimates oil production is down by 20 to 25 per cent of all domestic needs in the U.S. That’s also reflected on the market.
“Crude’s down because refineries can’t bring crude into process and that’s how big Texas is when it comes to producing gasoline,” he said.
McTeague said Canada and Mexico will feel it when the U.S. faces a gas shortage.
“What it means we see a likelihood of at least another $0.03 a litre increase on the wholesale side between now and say Wednesday or Thursday,” he explained. “You may not see it immediately, but towards week end.”
McTeague estimates gas prices to be above a $1.00 a litre by Friday.