Gasoline futures surged 10% today as almost a quarter of U.S. refining capacity remained offline and traders scrambled to reroute millions of barrels of fuel, while oil prices rose nearly 3%, Reuters reports.
U.S. gasoline futures have rallied roughly 26% from the previous week to a two-year high above $2 a gallon, buoyed by fears of a fuel shortage days ahead of the Labor Day weekend that typically brings a surge in driving.
Gasoline was up about 21 cents, or 11.2%, to $2.09 at 1:53 p.m. Hurricane Harvey, which brought record flooding to the U.S. oil heartland of Texas and killed at least 35 people, has paralyzed at least 4.4 million barrels per day of refining capacity, according to company reports and Reuters estimates.
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