Priestly Farmer, an analyst at Weiss Finance observes that "Harvey has causes significant job losses, at least temporarily; however, the full economic toll of Harvey's destruction won't show up in data until the next couple of weeks".
AAA said that 74 percent of US gas stations were continuing to sell gas for $2.75 or less while only seven percent were selling above $3 per gallon.
So far, Hurricane Harvey is the only storm that is affecting gasoline prices.
Although the Atlantic hurricane season is still months from being over, it has already shaped up to be one of the most intense in recorded meteorological history. "It takes days to start them back up". "For the remainder of this year, Houston is going to be depressed while it dries out".
"It's that time of year, you have hurricanes in the Gulf, one affecting Louisiana, the other affecting Florida".
Now, because of evacuations in Georgia and Florida due to Hurricane Irma, drivers are flocking to gas stations to fill up their tanks. It regenerated into a tropical depression around 10 a.m. August 23 about 535 miles southeast of Port O'Connor.
"We get zero supply from the Gulf refineries, but we're part of the overall national supply chain, so when 25 percent of that supply is temporarily unavailable, it ends up affecting everybody", Montgomery said.
"The big picture is that there will be plenty of gasoline", said Guy Caruso, a senior energy adviser with the Center for Strategic and International Studies, during the API teleconference. This allowed the weather services to get watches and warnings out well in advance - about 60 hours - of the storm making landfall. The state's governor says the clean-up could cost up to $120bn.
Many are crediting the intensity and the staggering number of storms to climate change - NOAA says the Atlantic is 0.5 - 1 degree Celsius warmer this summer. When you get high humidity, condensation occurs. Gaines said he doesn't expect that in Texas. It finally made its way as a tropical storm up through Kentucky before wearing out against a low pressure system in Ohio.
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