All eyes are on Hurricane Hilary, which evolved from a tropical storm into a hurricane overnight. It is expected to continue gaining strength, possibly becoming a category four as it moves northward off the coast of Baja, California.
Though the storm's exact path remains uncertain, NWS forecasts say we will likely experience a "tremendous amount of precipitation" in SoCal.
Tom Kloza, head of energy analysis at Oil Price Information Services, tells The L.A. Local he is already seeing a common trend that arises during potential major weather events.
Listen and subscribe to The L.A. Local podcast: your TL;DR for what's happening in Southern California
Kloza said, "We coined a term for it many years ago called 'petronoia,' which is the paranoia that there's not going to be enough gasoline in a given market."
Wholesale gas prices jumped up nearly 20 cents a gallon overnight in anticipation of Hillary possibly disrupting gas refineries - and retail prices are sure to follow.
Though Hilary is expected to weaken to a category one or even back to a tropical storm by the time it reaches land, Kloza says if the storm actually disrupts refineries in the area, gas prices will shoot up very quickly.
On the other hand, if the storm passes without anything significant happening, gas prices could drop steeply as we get into September.
Follow KNX News 97.1 FM
Twitter | Facebook | Instagram | TikTok
Related
Related
