Hurricane Harvey May Have Negative Impact on Oil and Gas Prices in Maine

(Image Source: MGN)
(Image Source: MGN)(KALB)
Published: Aug. 29, 2017 at 7:45 AM EDT
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Harvey is already having an impact on oil prices, but whether Maine will see any significant rise remains to be seen.

Industry insiders say it all depends on how long it takes for the refineries in Texas to resume production.

Right now, many of the major refineries remain closed.

Oil company owners in Maine are keeping a close eye on supply. They note prices have already risen a bit.

"Today the price is up three or four cents a gallon. GAS has jumped five or six gallons today. But hopefully the refineries aren't hurt too bad, so the prices will stay stable like it has been." Says Bill Morrell, owner of the Atlantic Heating Company.

Large parts of the energy and petrochemical industries are based in the Houston area.

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