Colonial Pipeline Will Temporarily Shutdown Due To Hurricane Harvey

Media playback is unsupported on your device                  Media caption'I just have what's in my car- flood-hit residents of La Grange

With the closure of a part of a key pipeline Thursday creating the potential to drive them higher, average gas prices climbed 5 cents across the country and in Virginia between Wednesday and Thursday in the wake of Hurricane Harvey, which made landfall in Texas last week and continues to drench parts of Louisiana, Arkansas and MS as a tropical depression.

A worker changes the price board above the gas pumps at a Sunoco gas station on Monday, Aug. 28, 2017, in Latham, N.Y.

The emergency waivers remove "requirements for reformulated gasoline and low volatility gasoline", according to the EPA. Worries by traders about the amount of deliverable gasoline added to yesterday's massive RBOB run.

"Colonial's Lines 1 and 2 continue to operate from Lake Charles east. Deliveries will be intermittent and dependent on terminal and refinery supply".

The Colonial Pipeline Company also shut down part of critical lines that transport gasoline, diesel and aviation fuel from Houston through the southeast and up the East Coast to New Jersey. The company said there was no timeline when the pipelines would be restarted.

As a result, gas prices in the Albany-Schenectady-Troy metro area rose by 5 cents between Wednesday and Thursday, climbing from $2.392 to $2.445 per gallon of unleaded regular on average, according to AAA. Gasoline prices have been on the rise even before the pipeline shutdown.

"So I have a little lifeline", Luchtman said. AAA does not expect refineries to be offline for months, as early reports indicate minimal to no significant damage to Corpus Christi and Houston refineries'.

We will be looking at refinery restarts. That amounts to nearly 24 percent of all USA capacity.

Gasoline surged in NY, extending its longest rally since 2013 as an important conduit of fuel from the Gulf of Mexico to the U.S. East Coast began to close due to the effects of Tropical Storm Harvey. Motiva may start a restart in two weeks.

In the short run, refiners from Europe and Asia could help fill the gap, sending supplies to the U.S. East Coast.

It is unclear when the refineries will be able to come back online, but there are some signs of recovery. You are all in my prayers.

The storm, which began as a hurricane a week ago, has roiled global fuel markets, and tankers carrying millions of barrels of fuel have been rerouted to the Americas to avert shortages. Then we have another disturbance brewing, going to the coast of Africa that has a 50% chance of being Tropical Storm Jose over the weekend. Let's all pray she goes harmlessly out to sea.

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