Gas prices are 3 cents away from a two-year high after the national average jumped to $2.41 per gallon Tuesday, according to Gas Buddy fuel and oil analyst Patrick Dehaan.
Dehaan tweeted the fact out early Wednesday morning.
Hurricane Harvey has knocked out roughly 3 million barrels per day, totaling a fifth of the United States’ oil refining capacity, severely hampering natural gas production, Axios reports.
“The continued increase in flooding [from Hurricane Harvey] creates high uncertainty on the amount of damage that US refineries will incur, the pace at which the shut down will reverse and the magnitude of capacity that will be impaired over the next few months,” a Goldman Sachs note said, according to Axios.
The Environmental Protection Agency (EPA) has relaxed Clean Air Act and emissions standards for the state of Texas to help hurricane stricken communities get access to gas, the Washington Examiner reports.
The Renewable Fuels Association (RFA), the ethanol industry’s leading trade group, is urging the EPA to ease regulations that, in effect, limit the range of gasoline stock that can used to make 10-15 percent ethanol blended fuel. Easing the regulation would “offset gasoline shortfalls resulting from refinery and terminal outages,” RFA president Bob Dinneen said in a letter to the EPA.
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