PORTLAND, Ore. (KOIN) — If you think the price of gas jumped up considerably during the winter storm, you’re right. But if you think it’s price gouging, well, think again.
Gas prices are going through the roof. According to data from Gas Buddy, the national average has jumped at its fastest pace since Hurricane Harvey — gas is up 10 cents a gallon, diesel is up 9 cents.
But there is a good reason the prices are soaring. The price jump was the result of about a dozen refineries — primarily in Texas — that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment.
That shut down millions of barrels of production a day.
With the cold weather behind and the refineries back online, price increases should begin to slow later this week or next.