NEW JERSEY (CBS) — An enormous blow to the U.S. gasoline provide – A serious pipeline that carries tens of tens of millions of gallons of gasoline between Houston and North Jersey has shut down due to Harvey.
The Colonial Pipeline is just like the I-ninety five of the nation’s pipeline community, it’s that very important. However the gasoline gained’t be flowing within the 5,500 miles of pipes that stretch from Houston to North Jersey as a result of Harvey has shut down 23 % of the nation’s refinery capability.
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GasBuddy analyst Patrick DeHaan says there’s a squeeze on refineries which might be up and operating.
“A few of these refineries in Philadelphia wish to ship barges of gasoline down in the direction of the Southeast and Mid-Atlantic,” stated DeHaan.
And fuel costs have spiked. AAA says in Philadelphia, the typical worth of a daily gallon is $2.sixty five, an eleven cent bounce in every week. The nationwide common of $2.forty five a gallon is the very best in two years. Nonetheless, DeHaan says there’s no have to panic.
“It’s gonna be a matter of weeks however fuel costs will ultimately come again down,” stated DeHaan.