Gas “shortages” never made a lot of sense. 2 million gallons a day went “missing” as Harvey came. We have a 20 million gallon a day capacity in the US, and use 18 million gallons a day.
SINGAPORE/LONDON (Reuters) – U.S. oil prices rose on Tuesday and gasoline fell as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch.
Gasoline futures RBc1 dropped 4 percent from their last close, to $1.68 per gallon, down from $2.17 on Aug. 31 and back to levels last seen before Harvey hit the U.S. Gulf Coast and its large refining industry.
U.S. West Texas Intermediate crude futures Clc1 rose more than 1 percent to $47.84 per barrel by 1008 GMT, up 55 cents from their last settlement.
“Gasoline fell as refineries in Texas began to reopen,” said William O‘Loughlin, investment analyst at Rivkin Securities. Read about it here.