‘Brief but Possibly Dramatic’ Fuel Spikes Anticipated Due to Hurricane Florence

AAA reported that despite an uptick in gas stock on the East Coast, pump prices are likely to be impacted as Hurricane Florence arrives on land.

With Hurricane Florence barreling down on the Carolinas and Virginia, AAA predicts East Coast gas prices to be impacted if the storm follows its expected path.

“A storm like this typically causes an increase in fuel purchases in the market and a slowdown in retail demand. Motorists can expect spikes in pump prices to be brief, but possibly dramatic,” said Jeanette Casselano, AAA spokesperson. “AAA will continue to monitor the storm and will provide updates…”

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On the week, the national gas price average jumped a penny to land at $2.85 on Monday, Sept. 10.

Mid-last week, AAA reported that gasoline stocks across the U.S. grew by 1.3 million bbl last week, according to the Energy Information Administration. At 235.9 million bbl, stocks are 17.6 million bbl higher than were they were this time last year.

Stocks in the East Coast grew slightly last week to 66.8 million bbl. AAA pointed out that the additional barrels of gasoline could act as a slight price and supply buffer as Hurricane Florence hits the region. But even with adequate supply, the power outages, flooding and rainfall brought by the hurricane could impact delivery, as well as dispensing at gas stations impacted by the storm.