Hurricane Isaac Causes A Spike In Gas Prices Nationwide
Gas prices across the United States have been rising in the aftermath of Hurricane Isaac, due to a shortfall in supply as refineries shut down to prevent damage from the storm. The federal Energy Information Administration reported that the onset of the hurricane caused the protective shutdown of refineries operated by Exxon Mobil Corporation (NYSE:XOM), Valero Energy Corporation (NYSE:VLO), Royal Dutch Shell plc (NYSE:RDS.A) (NYSE:RDS.B), Phillips 66 (NYSE:PSX), and Marathon Oil Corporation (NYSE:MRO). Supplies from a total of eight refineries were therefore cut off – that’s about 2 million barrels of oil per day, and an eighth of the U.S....
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