PHILADELPHIA (CBS) — Gas prices have surged in the wake of Hurricane Harvey. What effect will Irma have on the price at the pump?
Oil Price Information Service Global Head of Energy analysis Tom Kloza says the national average cost of a gallon of regular gas is around $2.67, the highest since August of 2015.
“New Jersey’s about 10 cents above that, and Pennsylvania’s about 20 cents above that, and that’s related to taxes,” he said.
Kloza says although Harvey led to a spike in gas prices, he doesn’t expect Irma to do the same.
“The second hurricane looks like it’s gonna knock out a lot of demand,” he said. “I think with the natural decline in demand, and the restoration of refineries in the Houston area, you’re gonna look at a steady descent for gas prices through the rest of the year.”
But as gasoline season ends, heating oil and diesel season begins, and that means higher prices.
“But it’s not gonna be anywhere near as high as it was from 2011 to 2014. We’re still in a cheap era for energy prices.”