Christine CorradoAug 29, 2017, 5:21 pmAug 30, 2017, 6:45 am

Experts: Hurricane Harvey's impact on Housten oil refineries will result in gas price increases

Prices expected to go up nationwide


Hurricane Harvey has flooded at least 10 oil refineries in Houston, Texas and because the storm is severely drenching these areas, experts say the outages will significantly impact prices at the gas pump nationwide.

"I think we should expect gas prices to be rising between 20 and 30 cents within the next two to three weeks," personal financial expert Jordan Goodman said.

Goodman says because we don't know how long the refineries will be closed down in Texas less gas will come out of the area causing prices to rise.

"It takes a while for the shortage to work its way through the system. The hurricane is still happening so the prices we are seeing here aren't really affected by the hurricane yet. But it’s coming soon," says Goodman.

At the B.P. gas station in Elmsford, gasoline prices are at $2.55 and diesel is at $2.89.

"Anytime gas prices go up its frustrating everyone feels it but it’s a difficult time for them and something that's felt across the country," says Thornwood commuter Rich Desimone.

Goodman recommends people to check out to show where gas customers can shop around.

Goodman says home insurance rates will also rise nationally by around 10 to 20 percent over time as insurance companies pay out billions of dollars in claims from the damage done in Texas.



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