With Harvey on the way, the Texas Panhandle is now bracing for the hurricane which means oil refineries and rigs are going down. What does this mean for the rest of us? Of course, higher gas prices as we move towards Labor Day Weekend. Varney & Company on Fox Business is already bracing the audience for the big rise… and it’s not all that surprising.
Yes, it seems the gas companies will use any excuse to raise gas prices and this incident is no exception. Mind you, with the tankers being down, it could take weeks to get back online after the storm subsides so brace yourselves for higher pump prices throughout much of the Fall in spite of the relatively low barrel prices still at play on the market.
We all know this is a pill but the oil industry has no qualms with sticking it to consumers and it’s been this way since the Seventies. While tree-hugging activists like to tout their disdain for the midwestern pipelines, they fail to understand the repercussions we feel throughout our entire economy when fuel is high.
So, this will not only affect pump prices, look to local stores and Walmart to be raising prices due to transport going up in the interim until gas is back down to a reasonable level — and even then, it’s anyone’s guess if retailers will come down.
After all if you pay the higher prices, why should they lower them? Now, the real question is, will this have an adverse effect on consumer confidence which has been soaring since President Trump took office? Let’s hope not but one never knows with things such as this…
Just another day in our crazy, mixed-up world… Cheers!