SAN DIEGO -- Gas prices are going to jump in some parts of the country as Tropical Storm Harvey slams the Texas coast.

A gallon of gas is a penny more expensive than it was a day ago, but it may ultimately cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. Prices should be back down by next week.

"Spikes in pump prices due to the effects of hurricanes tend to be brief but dramatic," explained Jeanette Casselano, an AAA spokesperson.

Platforms and rigs were shut down in anticipation of the storm, which made landfall late Friday as a Category 4 storm but weakened mid-Saturday into a tropical storm.

"You're seeing prices move up because refiners have to take precautionary measures," Kloza said.

As of Saturday, personnel had been evacuated from from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

"Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic," said Patrick DeHaan, a senior petroleum analyst with GasBuddy.

The good news for drivers is that gas prices are currently low. On average across the country, gas cost $2.35 per gallon on Saturday, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worse than expected, DeHaan said.

And Harvey hit an area that's immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.</s>About 22 per cent of US Gulf of Mexico oil production is offline due to Hurricane Harvey, the US Department of the Interior’s Bureau of Safety and Environmental Enforcement (BSEE) said on Friday. That equates to roughly 377,117 barrels of oil per day, out of the roughly 1.75 million barrels pumped daily from the Gulf. About 23.2 per cent of Gulf natural gas production is offline due to Harvey, or about 748 million cubic feet per day, BSEE said.

Roughly 86 platforms have been evacuated in the Gulf so far, about 12 percent in the region. Four of the 10 drilling rigs in the Gulf have also been evacuated, BSEE said. BSEE tabulates the data by polling 30 Gulf operators.

For all the latest World News, download Indian Express App</s>NEW YORK (Reuters) - Oil prices rose nearly 1 percent on Friday as the dollar fell and the U.S. Gulf Coast braced for Hurricane Harvey, on track to become the biggest storm to hit the United States mainland in more than a decade.

Pump jacks are seen at the Ashalchinskoye oil field owned by Russia's oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. REUTERS/Sergei Karpukhin

The dollar .DXY, in which oil is priced, fell after Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy in her speech at the annual central bank research conference in Jackson Hole, Wyoming.

Harvey strengthened into a powerful Category 3 storm, last located about 75 miles (120 km) east-southeast of Corpus Christi, Texas, in the Gulf of Mexico and packing top sustained winds of 120 miles per hour (195 kph), the National Hurricane Center said.

Refineries, terminals, onshore and offshore production operations and other infrastructure have shut or begun storm preparations with Harvey set to make landfall on the Texas coast on Friday night or early on Saturday.

The NHC, which has warned that catastrophic flooding was expected across portions of southern and southeastern Texas, expects Harvey to move slowly and linger over Texas for days.

Some tracking models show the storm could circle back out over Gulf waters after making landfall, and then take aim at Houston midweek, giving the nation’s four most populous city a double dose of rain and wind.

U.S. crude futures CLc1 settled up 44 cents, or 0.9 percent, at $47.87 a barrel but down 1.3 percent on the week.

Brent crude LCOc1 ended 37 cents, or 0.7 percent, higher at $52.41 and down 0.6 percent on the week.

U.S. gasoline futures RBc1 pared gains and ended a shade firmer after hitting their strongest levels in four months and the highest in three years for this time of year as traders booked profits and worries over supply shortages have already been priced in, market participants said.

Gasoline crack spreads RBc1-CLc1, an indicator of refining profits, plunged 6 percent after it had surged about 12 percent on Thursday and hit the highest level seasonally in five years earlier on Friday.

Gulf Coast conventional cash gasoline prices RU-DIFF-USG for shipment on the Colonial Pipeline were seen hitting a near three-year high.

“The initial loss of refining capacity would tighten the availability of petroleum products, consistent with the rally in product prices, cracks, timespreads and differentials observed this week and historically,” Goldman Sachs said in a note.

“On the demand side, gasoline typically suffers most during and after a hurricane with distillate demand supported instead by rebuilding activity.”

The U.S. Department of Energy said it was ready to release crude oil from the nation’s emergency stockpile if needed due to the impacts of Harvey.

Energy companies have pulled workers from offshore oil platforms and halted onshore drilling in south Texas.

A little less than 10 percent of offshore U.S. Gulf of Mexico crude output capacity and nearly 15 percent of natural gas production had been halted by midday on Thursday, government data showed.

Three refineries in Corpus Christi and one farther inland at Three Rivers were shutting down ahead of the storm. Two others reduced output as ports were closed.

Texas is home to 5.6 million barrels per day of refining capacity, and Louisiana has 3.3 million barrels.

Beyond the storm’s potential impact on the oil industry, crude remains in ample supply globally despite efforts led by the Organization of the Petroleum Exporting Countries (OPEC) to hold back production to prop up prices.

A joint OPEC and non-OPEC monitoring committee said an extension to the supply pact beyond March was possible, though not yet decided.

Part of the reason for the crude glut has been a 13 percent jump in U.S. output since mid-2016 to 9.53 million bpd, close to the record 9.61 million bpd hit in June 2015.C-OUT-T-EIA

U.S. energy firms cut oil rigs for a second week in a row according to Friday data from Baker Hughes. Drillers cut four oil rigs in the week to Aug. 25, bringing the total count down to 759.

Hedge funds and money managers, meanwhile, trimmed their bullish bets on U.S. crude futures and options positions for the third straight week in the week to Aug. 22, data showed. [CFTC/]

(For a graphic on U.S. crude oil shipments to Asia and Europe, click reut.rs/2wvtX3q)</s>(AP) – Hurricane Harvey could cause U.S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.

Some refineries are expected to shut down until the storm passes, possibly disrupting gasoline supplies.

Wholesale gasoline futures rose Thursday by 5 cents, or 3 percent, to $1.66 per gallon, and experts say that will quickly show up on service-station signs.

Patrick DeHaan, an analyst with GasBuddy, says Harvey could show up in retail prices as early as Thursday night.

But he says doesn’t expect it will have as much impact as some past storms, such as Hurricane Katrina in 2005, which caused a 40-cent jump overnight.

In the Gulf of Mexico, oil and gas operators are evacuating workers from rigs.</s>Hurricane Harvey could cause U.S. gasoline prices to rise, with the storm expected to hit a refinery-rich stretch of the Gulf Coast.

Some refineries are expected to shut down until the storm passes, possibly disrupting gasoline supplies.

Wholesale gasoline futures rose Thursday by 5 cents, or 3 percent, to $1.66 per gallon, and experts say that will quickly show up on service-station signs.

Patrick DeHaan, an analyst with GasBuddy, says Harvey could show up in retail prices as early as Thursday night. But he says doesn’t expect it will have as much impact as some past storms, such as Hurricane Katrina in 2005, which caused a 40-cent jump overnight.

In the Gulf of Mexico, oil and gas operators are evacuating workers from rigs.</s>Gas prices are going to jump in some parts of the country as Hurricane Harvey nears the Texas coast.

A gallon of gas will cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. But prices should be back down by next week.

Platforms and rigs are already being shut down in anticipation of the storm, which is currently forecast to be a Category 3 hurricane with 111 mph winds. It's expected to make landfall late Friday or early Saturday.

"You're seeing prices move up because refiners have to take precautionary measures," Kloza said.

As of midday, personnel had been evacuated from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said he expects the national average to go up between five and 10 cents as soon as Thursday night.

"Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic," he said.

The good news is that gas prices are currently low. On average across the country, gas currently costs $2.25 per gallon, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worst than expected, DeHaan said.

And Harvey is headed toward an area that's immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.</s>Gas prices are going to jump in some parts of the country as Hurricane Harvey nears the Texas coast.

A gallon of gas is a penny more expensive than it was a day ago, but it will ultimately cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. Prices should be back down by next week.

Platforms and rigs are already being shut down in anticipation of the storm, which is currently forecast to be a Category 3 hurricane with 111 mph winds. It’s expected to make landfall late Friday or early Saturday.

“You’re seeing prices move up because refiners have to take precautionary measures,” Kloza said.

As of Thursday, personnel had been evacuated from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said he expects the national average to go up between five and 10 cents as soon as Thursday night.

“Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic,” he said.

The good news is that gas prices are currently low. On average across the country, gas cost $2.35 per gallon on Thursday, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worse than expected, DeHaan said.

And Harvey is headed toward an area that’s immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.</s>Gas prices are going to jump in some parts of the country as Hurricane Harvey nears the Texas coast.

A gallon of gas is a penny more expensive than it was a day ago, but it will ultimately cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. Prices should be back down by next week.

Platforms and rigs are already being shut down in anticipation of the storm, which is currently forecast to be a Category 3 hurricane with 111 mph winds. It’s expected to make landfall late Friday or early Saturday.

“You’re seeing prices move up because refiners have to take precautionary measures,” Kloza said.

As of midday, personnel had been evacuated from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said he expects the national average to go up between five and 10 cents as soon as Thursday night.

“Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic,” he said.

Related: Tanker becomes first to cross Arctic without icebreaker

The good news is that gas prices are currently low. On average across the country, gas currently costs $2.35 per gallon, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worse than expected, DeHaan said.

And Harvey is headed toward an area that’s immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.</s>Gas prices are going to jump in some parts of the country as Hurricane Harvey nears the Texas coast.

A gallon of gas is a penny more expensive than it was a day ago, but it will ultimately cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. Prices should be back down by next week.

Platforms and rigs are already being shut down in anticipation of the storm, which is currently forecast to be a Category 3 hurricane with 111 mph winds. It’s expected to make landfall late Friday or early Saturday.

“You’re seeing prices move up because refiners have to take precautionary measures,” Kloza said.

As of midday, personnel had been evacuated from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said he expects the national average to go up between five and 10 cents as soon as Thursday night.

“Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic,” he said.

Related: Tanker becomes first to cross Arctic without icebreaker

The good news is that gas prices are currently low. On average across the country, gas currently costs $2.35 per gallon, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worse than expected, DeHaan said.

And Harvey is headed toward an area that’s immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.</s>× Gas prices will jump thanks to Hurricane Harvey, experts say

Gas prices are going to jump in some parts of the country as Hurricane Harvey nears the Texas coast.

A gallon of gas is a penny more expensive than it was a day ago, but it will ultimately cost between five and 15 cents more, according to Tom Kloza, chief oil analyst for the Oil Price Information Service. Prices should be back down by next week.

Platforms and rigs are already being shut down in anticipation of the storm, which is currently forecast to be a Category 3 hurricane with 111 mph winds. It’s expected to make landfall late Friday or early Saturday.

“You’re seeing prices move up because refiners have to take precautionary measures,” Kloza said.

As of midday, personnel had been evacuated from 39 production platforms and one oil rig, according to the U.S. Bureau of Safety and Environmental Enforcement.

Patrick DeHaan, a senior petroleum analyst with GasBuddy, said he expects the national average to go up between five and 10 cents as soon as Thursday night.

“Most of the increases, at least right now, would probably be in the South, the Southeast and the mid-Atlantic,” he said.

The good news is that gas prices are currently low. On average across the country, gas currently costs $2.35 per gallon, according to AAA.

That said, the situation on the ground is still developing, and damage from the storm could be worse than expected, DeHaan said.

And Harvey is headed toward an area that’s immensely important for U.S. oil production.

The Gulf Coast accounts for 17% of total U.S. crude oil production and 45% of total U.S. petroleum refining capacity, according to the Energy Information Administration.
Oil prices rise in anticipation of Harvey's impact on production in the Gulf of Mexico.