Gas prices expected to rise as Hurricane Harvey passes over oil refineries

45 percent of the country's oil-refinery capacity is in the Gulf of Mexico.
1:55 | 08/26/17

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Gas prices expected to rise as Hurricane Harvey passes over oil refineries
Not only is this a big test. For the president is also. Potentially big blow for the US economy that's correct because as we know many of our US oil refineries are there in the gulf and they are also taking a beating so we had. ABC's Rebecca Jarvis here to talk about the massive economic impact this is having on the region and across the country that's right Amy and Dan and one of the things that you'll see from all of this as well there's a huge Schuman tool an emotional hole on many. There is an economic hole on every one in the country and that's because of the location that it's happening here this is the heart. Of our energy patch 45%. Of our country's refining capacity exists there in the Gulf of Mexico a third of that capacity is right in the ranged where this storm is hitting. And gasoline prices are projected to climb anywhere from five cents to 25 cents a gallon. Throughout the country and 25 cents would be on the end where if a refinery actually gets hit many of them are shuttered for the moment if one gets hit destroyed. That's where you would really see the bigger spike in prices. Also on that human told side of things housing so many of these highly populated areas are going to face housing challenges 200000. Homes at least. In the path of this storm. And the estimates right now are that anywhere from one to two billion dollars in damage could be done shortly from the wind and storm that doesn't even include the flooding to. That's when you love your sorry we're twelve years out from from Katrina where several years up from sandy in this area and people are still recover from both of those storms right now. And this is what homeowner see every time there's a terrible storm the time that it takes to recover is much longer than the storm itself. Well Rebecca we certainly appreciate we know that the flood damage wasn't included in that and we know that is the biggest concern. For so many people who are now taking care of people who were in the storm zone it's the flooding we're worried about as you said earlier it's the water that kills as well.

This transcript has been automatically generated and may not be 100% accurate.

{"id":49435390,"title":"Gas prices expected to rise as Hurricane Harvey passes over oil refineries","duration":"1:55","description":"45 percent of the country's oil-refinery capacity is in the Gulf of Mexico. ","url":"/GMA/video/gas-prices-expected-rise-hurricane-harvey-passes-oil-49435390","section":"GMA","mediaType":"default"}