Top Stories
Top Stories

Drivers could see gas prices spike 35 cents in the wake of Harvey, Dennis Gartman warns

Key Points
  • Gasoline prices could jump 35 cents because of havoc in Texas from Hurricane Harvey, Dennis Gartman tells CNBC.
  • "This could be weeks, perhaps even months before we return to any sense of normalcy," he says.
Could be weeks, months before oil returns to 'normalcy': Dennis Gartman

Gas prices could rise by 35 cents after Hurricane Harvey wreaked havoc to the U.S. oil heartland of Texas, closely watched commodities trader Dennis Gartman told CNBC on Friday.

"The fact that it ... continued, blew up and stayed for four or five days, this could be weeks, perhaps even months before we return to any sense of normalcy," the editor and founder of the Gartman Letter said.

"You could have gasoline prices 25 to 35 cents higher for retail in a very short span of time," he added in an interview on "Squawk Box."

Gasoline futures were lower Friday morning after surging 13.5 percent Thursday to their highest level in about two years. On supply concerns over Harvey-shuttered refineries, gasoline futures were up about 28 percent for the week ahead of Friday's trading.

In addition to higher prices, U.S. travelers and fuel suppliers may see shortages during the Labor Day holiday weekend, according to Reuters.

Gartman said he is also concerned about a new storm that has emerged, Irma, the fourth hurricane of the 2017 Atlantic hurricane season.

The Category 3 hurricane was over the eastern Atlantic and headed toward the Caribbean, the U.S. National Hurricane Center said Friday.

"So this is hurricane season. Hurricane season hits peak September 15. Let's hope that we can get through September 15," Gartman said.

—Reuters contributed to this report.

Sign Up for Our Newsletter Morning Squawk

CNBC's before the bell news roundup
Get this delivered to your inbox, and more info about about our products and services.
By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.