Julio Cortez / AP

Hurricane Harvey, expected to make landfall this weekend over southeast Texas, could cause gas prices to surge due to the oil and natural gas infrastructure in the region, according to the U.S. Energy Information Administration.

  • The U.S. Gulf of Mexico accounts for about 20% of U.S. crude oil production. Texas accounts for about a quarter of U.S. natural gas production. Some refineries are expected to shut down temporarily and many oil and natural gas operators have already evacuated.
  • An increase of 5 to 15 cents per gallon is most likely but could increase by as much as 25 cents, Oil Price Information Service analyst Tom Kloza told the AP.
  • Flashback: Take it from Gustav, Ike, and Isaac — they on average shut down more than one million barrels per day of crude oil production and more than 3 billion cubic feet per day of natural gas production, as well as pipeline and refining capacity.

Go deeper

Florida fully lifts coronavirus restrictions on restaurants

Photo: Don Juan Moore/Getty Images

Florida Gov. Ron DeSantis (R) announced Friday the state will completely reopen its economy, allowing restaurants at operate full capacity and barring localities from ordering businesses to close.

Why it matters: The state became one of the world's epicenters for the virus in July, forcing DeSantis to pause its first round of reopening.

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Eyeing the end of gas-powered cars

Illustration: Eniola Odetunde/Axios

Gasoline-powered cars may be going the way of the woolly mammoth, even if it will take decades to replace them and seems hard to fathom today.

The big picture: Internal combustion engines (ICEs) have powered automobiles for more than 100 years. But the shift to electric vehicles, slow to materialize at first, is now accelerating due to tightening government policies, falling costs and a societal reckoning about climate change.

Virginia Gov. Ralph Northam tests positive for coronavirus

Photo: Zach Gibson/Getty Images

Virginia Gov. Ralph Northam (D) and his wife, Pamela, both tested positive for coronavirus, his office announced on Friday.

The state of play: The Northams were tested after one of their staff "who works closely within the couple's living quarters" tested positive. The governor is asymptomatic, while his wife is "experiencing mild symptoms." They plan to isolate at home for 10 days.

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