Harvey damage, holiday demand leading to short-term spike in gas prices

Harvey damage, holiday demand leading to short-term spike in gas prices

LUBBOCK, TX (KCBD) - Gas prices are on the rise for two reasons.

Hurricane Harvey damaged some of the oil refineries, while the other is the upcoming holiday weekend.

"Over 30 percent of the production is offline. The colonial pipeline has been shut down for instance that is a major deliverer of refined product to the South Eastern United States. Gas prices are going to go up because of the cut in supply," said Energy Secretary Rick Perry.

Fear of the change in supply also has people in North Texas racing to the pumps, causing a temporary shortage.

"It seems that pandemonium has hit Dallas and motorists have responded by hitting the pump and just in a few hours have overwhelmed supply. It now does seem that supply is rapidly declining," Patrick DeHaan from Gas Buddy said.

We also had reports of a gas scare here in Lubbock that turned out to be a simple mechanical failure.

"We did have a location that had some mechanical issues and they could not get any product for like 30 minutes but it was because of the pump system it wasn't because of the gasoline," Owner Charles Bolton said.

Bolton said the supply is stable right now and that drivers on the South Plains don't have to worry about running out of gas.

However, people will be paying a high price.

"We got an increase yesterday of eight and a half cents and the day before of five and a half cents. Right now, the prediction for tomorrow's price as far as wholesale is 14 cents higher. We're going to supply fuel even if we have to go a long ways to pick it up," Bolton said.

Statewide, the average gallon of gas has increased 12 cents within the last week, but according to AAA the price increase will be short-term.

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