Gasoline prices inch higher as hurricane clean-up begins

Gasoline prices inch higher as hurricane clean-up begins

Meanwhile, the US Department of Energy approved the release of 4.5 million barrels of government-owned crude from the Strategic Petroleum Reserve (SPR) to help keep refineries running.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The oil will be delivered via pipeline to the Phillips 66 refinery in Westlake, LA.

In another sign of how Harvey is opening rarely used trading routes, at least three tankers carrying diesel have been booked out of Europe and the Mediterranean to go to Brazil, which also usually draws large volumes from the U.S. Gulf Coast.

On Wednesday, oil prices fell despite a weekly drop in closely watched US commercial crude stocks of 5.39 million barrels. The average in San Luis Obispo County is $3.20, up five cents from last week.

Gas prices in Atlanta climbed to their their highest point since 2015 on Friday, climbing to an average of $2,59 a gallon as a result of Hurricane Harvey storm damage.

The largest refinery in the United States, located in Port Arthur, Texas, was among the shuttered.

Exxon Mobil Corp XOM.N said on Saturday it was restarting its 560,500 barrel per day (bpd) facility in Baytown, Texas, America's second-biggest oil refinery, after it was inundated by flooding. The total shut-in is about 24 percent of USA refining capacity, nearly equal to Japan's daily consumption. But the supplies from those distant markets may not arrive fast enough to avert a crunch.

One expert says an additional 50 million barrels could be added to stocks.

CC Sabathia's criticism won't stop Red Sox from bunting
Asked whether the Red Sox said anything back, Sabathia, with an expletive, said: "I don't even care about what they have to say. I can't change my game. "I'm assuming he bit into something and it came out", Yankees manager Joe Girardi said . "It's my game.

The Asian refining margin on Thursday hit $10.41 a barrel, the highest since January 2016.

Since last Friday, when Harvey came ashore in Texas, gas prices have increased 28 cents in Georgia.

It also activated North Carolina's price gouging laws.

‧ Iraq said it has gone deeper than its pledged oil output cut and is pumping 4.32 million barrels per day, below the 4.35 million target agreed a year ago, Iraqi Oil Minister Jabbar al-Luaibi said on Friday.

Analysts called the status of US refineries a key to oil prices.

The average gas price in Dallas on Thursday was $2.41 a gallon, with prices expected to rise, according to Gas Buddy.

DeHaan said it really just depends on how long refineries are down.

This is the reason for different prices in neighboring states like Alabama ($2.30), Florida ($2.49), SC ($2.38), North Carolina ($2.46), and Tennessee ($2.35).