Gas prices up 8 cents as hurricane hits Texas

Aug. 27--Gas prices rose eight cents this week in the Texoma region as Texas anticipated the effects of Hurricane Laura's landfall Wednesday night.

Prices averaged $1.89 for a gallon of unleaded fuel in the Sherman-Denison area, AAA Texas announced in its Weekend Gas Watch released Thursday, Aug. 27. That's up from an average $1.81 last week, though it remains 34 cents lower than the $2.23 average at this time last year.

Across Texas, gas prices ran an average $1.92 per gallon as of Thursday, five cents more than on the same day last week and 40 cents less per gallon compared to the same day last year.

Of the major metropolitan areas surveyed in Texas, drivers in Odessa were paying the most on average at $2.12 while drivers in San Antonio were paying the least at $1.83 per gallon.

All eyes were on the Gulf Coast on Thursday after Hurricane Laura made landfall near Cameron, Louisiana, as a Category 4 hurricane. The storm could be felt along the far east Texas coastal area as well.

Damage surveys from the oil and gas industry in the region were just starting to come in as of press time. Early reports from Oil Price Information Service indicated the storm spared most U.S. Gulf Coast refining equipment except for a facility in Lake Charles, Louisiana, and one in Westlake, Louisiana.

Major damage appears to have been avoided for refining facilities in the Beaumont and Port Arthur areas of Texas. However, the industry had yet to fully assess all potential damage as of press time Thursday.

Drivers concerned about rising fuel prices can be reassured that gasoline stock levels are healthy, increasing regionally week-to-week, which should help to offset immediate significant price spikes, according to an AAA analysis.

Industry analysts caution that if platforms and rigs are offline for an extended time, supply could tighten and gas prices could be impacted.

Prices were up to date at press time using market prices posted at 3:41 a.m. Thursday.

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