Gas prices soar 7 cents overnight with Labor Day around the corn - KCBD NewsChannel 11 Lubbock

Gas prices soar 7 cents overnight with Labor Day around the corner

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(RNN) -  Gas prices rose by 17 cents in just a week after Harvey's devastating landfall in Texas shuttered several refineries in the Gulf.

Prices rose by 7 cents overnight between Thursday and Friday. The prices could rise even higher going into the Labor Day weekend.

According to AAA, the national average was $2.52 on Friday morning.

As many as 15 refineries were shut down because of the hurricane. According to GasBuddy.com the closed refineries account for roughly 25 percent of U.S. refining capacity.

The largest refinery in the United States, located in Port Arthur, Texas, was among the shuttered. The Saudi-owned Motiva oil refinery is usually responsible for more than 600,000 barrels a day. It could be closed for as long as month.

Sections of the Colonial Pipeline, one of the largest pipeline systems in the country, were shutdown for inspection. Lines west of Lake Charles, Louisiana, were still out-of-commission on Friday morning and not expected to return to service until at least Sunday.

The pipeline provides roughly 40 percent of the Southeast's gasoline.

Harvey is projected to be the costliest natural disaster in U.S. history. According to AccuWeather, the economic impact could amount to $190 billion after all is said and done.

The storm took nearly 25 percent of the Gulf Coast's refining capacity offline.

Roughly one-third of the country's refining capacity is located between Corpus Christi, Texas, and Lake Charles.

Brown dots represent oil wells. Blue dots represent natural gas wells. Black barrels represent oil refineries. Blue flames represent natural gas processing plants. (Source: EIA.gov)

Copyright 2017 Raycom News Network. All rights reserved.

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