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Ida closes Colonial Pipeline, gas prices expected to increase

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David Huckshttps://myrtlebeachsc.com
David Hucks is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

The average price of gas in S.C. prior to Friday was 4.1 cents per gallon lower than a month ago and stand 84.0 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in South Carolina on Monday is priced at $2.54 per gallon while the most expensive is $3.16 per gallon, a difference of 62.0 cents per gallon.

On Sunday, Hurricane Ida hit the New Orleans area closing the Colonial Pipeline. Gas prices are expected to increase as a result of the storm.

While the national average price of gasoline declined yet again over the last week, Hurricane Ida has been causing countless disruptions to critical infrastructure, including oil production, refineries and pipelines. We’re likely to see a reversal this week, but motorists need not be too concerned at this point,” GasBuddy Head of Petroleum Analysis Patrick De Haan said. “I expect the national average to rise in the neighborhood of 5-15 cents per gallon in the next couple of weeks- far smaller than the impact from Hurricanes Katrina and Harvey, but with damage assessments still to come, it’s possible we see slight deviation from that. While Colonial Pipeline shut Lines 1 and 2 as a precaution, it’s highly unlikely that this will cause any long-term disruption to fuel supply like we saw months ago after the company was hacked. The biggest question for refineries will be the flooding- which could alter the rise in gas prices, but the odds of a massive surge in gas prices nationwide are extremely low.

Henry Hub Natural Gas futures and options predicts events caused by Hurricane Ida could translate into as much as a 60 cents per gallon price increase by Labor Day, however.

Only time will tell what the total upside price residents in Horry County will pay at the pump as a result of Hurricane Ida.

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