Better fill up your tank tonight | News | The Press and Standard
by The Press and Standard | August 31, 2017 3:49 pm
Why are gas prices rising so rapidly?
According to U.S. News and World Report, Hurricane Harvey knocked out between 2-3 million barrels per day of oil refining capacity, over 500,000 barrels per day of crude oil production and 1.5 billion cubic feet of natural gas production.
In a nutshell, even though there’s plenty of crude oil out there, there’s no way to make gasoline from it. Texas refines the most oil of any state, and currently half its production is offline. Until that production comes back online, gas prices will continue to rise.
The national gas average, according to GasBuddy, has jumped to $2.479/gallon, up 12.7¢ from last week’s average. Average in S.C. as of 3:20 p.m. today was $2.317, up 9.2 cents from yesterday and 26.6 cents from last week’s average.
The attached graphics from GasBuddy show the best prices in Walterboro, as of 3:30 p.m. today.