Catastrophic flooding from the storm in Southeast Texas is shutting down some of the nation's biggest oil and gas refineries. The Houston area produces more than a quarter of the country's gasoline and with refineries shut down, supplies are tightening and prices are going up.
Triple-A reports prices are up four cents a gallon since the storm came onshore over the weekend. Triple-A experts say some parts of the U.S. could see increases of a dime a gallon or more by the upcoming Labor Day weekend.
The good news is, the prices won’t be high for long.
Source: CNN/Money