CHICAGO (CBS) — Hurricane Harvey has already had an impact on gas prices, and it’s expected to continue having an impact for weeks to come.
With refineries offline in Houston, Patrick DeHaan, Senior Petroleum Analyst at GasBuddy, says we could see prices in the $2.60 to $2.70 range possibly by Tuesday afternoon, which would be the highest we’ve seen in about two years.READ MORE: Chicago Weather: Coolest Day Of The Week On Wednesday
DeHaan says this is a real cause and effect situation, not just speculation, as about 15 percent of the nation’s refining capacity is shutdown.READ MORE: Waukegan School Board Votes To Rename Thomas Jefferson Middle School For John Lewis, After Suggestion Of Barack Obama Draws Objections
The good news, he says, is refineries that shut down in Corpus Cristi as a precaution ahead of the storm are getting back to production and will likely make up for some of the lost refining capacity.
How long we’ll see higher prices, he says, really just depends on how long refineries are down.MORE NEWS: Many More Sex Offenders Are Living In One Englewood Building Than First Known, Raising Legal Red Flags -- But Ex-Offenders Say They Have Few Options
Demand typically drops after Labor Day and prices will drop in the Midwest as more expensive summer-blend gasoline is phased out.