Hurricane Harvey approaching into Houston, gas prices up

Source: Xinhua| 2017-08-26 03:52:52|Editor: Mu Xuequan
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HOUSTON, Aug. 25 (Xinhua) -- As the Hurricane Harvey is approaching into Texas refining hubs on Friday, gasoline prices have already begun to rise in some gas stations in Houston area.

Motorists were in line for refilling their tanks at many Houston-area gas stations Thursday and Friday, while some gas stations ran out of fuel temporarily Friday morning.

More than 25 percent of U.S. gasoline is refined along the Texas Gulf Coast. More than 50 percent comes from the entire Gulf Coast region, including inland Texas and Louisiana, according to the U.S. Energy Department.

Guan Linhua, director of Houston based Star Energy, told Xinhua that he believes the gasoline prices would go up a little bit due to the consequences of the hurricane. He said the oil production in the Gulf of Mexico would be reduced due to the hurricane, but the effect on oil prices in the international market should be limited.

Several Gulf Coast petrochemical plants have shut down for now. Other major refiners in the Houston and Galveston areas, such as Exxon Mobil, Royal Dutch Shell and Marathon Petroleum are keeping operations for now, but keeping a close watch on the Hurricane Harvey.