You may want to think about your travel plans this holiday weekend. Hurricane Issac has not only caused severe damaged to many southern states, but Issac has also caused the price of gas to go up. Prices have climbed nationally to $3.82, a record this time of year, and are likely to keep climbing. Click below to read more.
Gas prices jumped again Thursday in the wake of Hurricane Isaac, leaving drivers facing the prospect of costly fillups as they take to the highway for a final summer spin over Labor Day weekend.
Prices climbed two cents a gallon to $3.82 nationally to a record for this time of year and are likely to edge higher still in coming days, the American Automobile Association said. The gains came on top of a five-cent surge Wednesday when Isaac pounded the oil-rich Gulf Coast region. The price has risen steadily from the summer low of $3.33 on July 2.
Consumers are likely to get a price break soon as oil and gas companies gradually restart their Gulf operations, but AAA said drivers should expect to pay a few more pennies by the end of the holiday weekend.
Isaac spared heavily populated New Orleans from the devastation wreaked by Hurricane Katrina seven years ago. But this week’s storm caused widespread damage and dumped more water in the region than its sister storm seven years ago, according to the National Weather Service. Thousands remain stranded and power outages have been widespread.
“We would expect prices to be going back down by mid-September,†said Michael Green, AAA public relations manager. “We can’t estimate exactly how much.â€
Amid higher fuel demand and low gasoline inventory, prices have been pushing higher, although consumers will get a break soon due to a recent jump in refinery output, said Green. Refiners have had a relatively trouble-free season and were able to boost supplies to move to gas stations ahead of the storm season.
With the end of summer, there will be fewer drivers are on the roads, as well, further reducing fuel demand. The change of season also means stations can sell less expensive gasoline than the ozone-friendly mix they are required to pump in summer months.
Another storm could tip the scales once again. The official end of the hurricane season is Oct. 31.
