{"id":25185,"date":"2017-09-04T13:05:40","date_gmt":"2017-09-04T18:05:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25185"},"modified":"2017-09-04T13:05:40","modified_gmt":"2017-09-04T18:05:40","slug":"gasoline-prices-tumble-as-refiners-resume-operations","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25185","title":{"rendered":"Gasoline Prices Tumble As Refiners Resume Operations"},"content":{"rendered":"

Gasoline Prices Tumble As Refiners Resume Operations<\/a><\/h3>\n
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RBOB Gasoline futures tumbled <\/strong>to their lowest level in almost a week overnnight as several US Gulf Coast refineries reported their plans to restart operations<\/strong>after the devastation of Hurricane Harvey forced them to shutdown.<\/p>\n

While about\u00a0one-fifth\u00a0of U.S. refining capacity is halted, <\/strong>according to data compiled by Bloomberg, some plants including those operated by Citgo Petroleum Corp. and Marathon Petroleum Corp. are preparing to restart. <\/strong><\/p>\n

The Oct ’17 contract was down as much as 4% earlier before a modest bounce.<\/p>\n

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Moreover, compared to the squeeze in the September contract, RBOB prices have really tumbled…<\/p>\n

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Of course, this rather spoils Janet Yellen’s transitory hopes for a burst of inflation to help her case when she next raises rates and while concerns had risen that higher gas prices could derail the Trump economy, it appears those risks are overblown. <\/strong>As The Hill reports,<\/a><\/p>\n

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Stephen Moore, a fellow at the Heritage Foundation and former Trump transition energy adviser, said “the negative effect will be not pretty.”<\/strong><\/p>\n

\u201cWe\u2019re talking about maybe knocking half a percent, or one percent, off GDP for a quarter or two, higher gas prices for sure, because Houston is the energy capital of the country. \u2026 So all those things are negative.\u201d<\/em><\/strong><\/p>\n

Moore said he follows a rule of thumb that every penny increase in commercial gasoline prices takes $1 billion to $2 billion out of the economy from consumers.<\/strong><\/p>\n

That means that as prices rise after Harvey, the economy could be hit even harder, including from lost economic production in Houston \u2014 the country\u2019s fourth biggest city \u2014 and the spending needed for a major federal recovery effort.<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Gasoline Prices Tumble As Refiners Resume Operations RBOB Gasoline futures tumbled to their lowest level in almost a week overnnight as several US Gulf Coast refineries reported their plans to restart operationsafter the devastation of Hurricane Harvey forced them to shutdown. While about\u00a0one-fifth\u00a0of U.S. refining capacity is halted, according to data compiled by Bloomberg, some […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[5595,15724,4318],"class_list":["post-25185","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-gasoline-prices","tag-hurricane-harvey","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25185"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25185\/revisions"}],"predecessor-version":[{"id":25186,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25185\/revisions\/25186"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}