HOUSTON — U.S. gasoline futures climbed to two-year highs on Monday after Hurricane Harvey forced widespread shutdowns of Texas oil refineries.
At least 10 refineries have been knocked offline by historic flooding in the Houston and Corpus Christi regions. The outages in America’s energy hub will significantly affect the supply of gasoline.
Gasoline futures, which reflect wholesale prices charged to gas stations, are now at their highest level since July 2015. Analysts said it often takes about a week for such price swings to trickle down to drivers filling up at the pump.
The Gulf Coast plays a critical refining role in the U.S., hosting operations that account for nearly one-third of the nation’s capacity to turn oil into gas, diesel and other products.
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