USA: Fuel prices surge as Hurricane Harvey knocks out refineries
Gasoline prices hiked to a two-year high on Monday after Hurricane Harvey brought chaos upon the U.S. Gulf coast, leaving a number of refineries out of operation and causing shortages.
Massive floods caused by the biggest hurricane Texas has seen for over 50 years forced many refineries to shut down, sending fuel prices to a two-year high while crude oil dropped, reports the Chicago Tribune.
Prices for U.S. gasoline futures surged 7% to a peak of $1.7799 per gallon, the highest level since late July 2015, before easing to $1.7341.
The U.S. Environmental Protection Agency announced late Friday it was waiving environmental standards on fuel.
"Extreme and unusual fuel supply circumstances exist in portions of Texas as a result of the hurricane," the agency said. EPA Administrator Scott Pruitt, "has granted a temporary waiver to help ensure an adequate supply of gasoline is available in the affected areas until normal supply to the region can be restored."
The devastating hurricane has already left nine dead, according to Texas officials, while 30,000 are in need of temporary shelter and many more still remain in danger.