home Oil Prices Why oil prices are sinking as gasoline soars after Harvey

Why oil prices are sinking as gasoline soars after Harvey

Gasoline futures soared Monday as Tropical Storm Harvey continued to wreak havoc on Texas, knocking major Gulf Coast refineries out of action.

And while the storm is also expected to curtail offshore crude oil production in the Gulf of Mexico, crude futures are under pressure. That’s because the supply impact is more than offset by the hit to demand for crude by the refinery shutdowns.

See: Hurricane Harvey highlights biggest impact of shale-oil revolution

5 views