The east coast oil infrastructure dodged a bullet as Hurricane Irene passed through the mid-Atlantic and northeastern seaboard leaving oil refineries, terminals and pipelines unscathed.
In the past week the U.S. national average price of gasoline has increased from $3.58 to $3.60 per gallon Concurrently, the average price in Canada increased from 123.2c/L to 124.8 c/L today.
While Irene delivered the 'demand destruction' that always accompanies major storms, Labor Day Weekend should restore it, with anticipated travel this weekend pushing retail prices a few cents a gallon higher in many markets before the holiday weekend.
Fuel prices in some eastern states have already increased by five cents per gallon since Friday. Demand for the upcoming weekend may be somewhat muted in the northeast where flooding and mudslides have severely impacted roadways and massive cleanup efforts continue.