Expect Gas Prices To Rise Following East Coast Storms
DETROIT (WWJ) – We’re getting into the peak of the summer driving season and with the aftermath of Hurricane Irene, there is bound to be some sort of disruption in the gasoline supply chain.
Gregg LasKoski with GasBuddy.com said with a few small refineries shut down because of the storm, we could see quite an increase at the pump.
“The best case scenario would have these refineries coming back online from anywhere from several days to a couple of weeks before they’re back and fully operational. And that’s why we’re anticipating a tightness in the gasoline supply and typically we see a spike in prices at the pump.”
Laskoski also said the increase could last several weeks.
“Conservatively speaking, it could be anywhere from 20 cents a gallon to 50 cents a gallon, and I couldn’t even guess what the period of time would be. But, in previous occasions, it’s lasted several weeks when there was a spike, and then we would start to see prices come back.”