Oil production in the Gulf of Mexico has largely come to a halt as Hurricane Isaac neared oil platforms.
Prices at the pump have already increased as 2 million to 3 million barrels of oil production were lost as a result of the closure.
AAA says it’s still too early to tell how long the Gulf’s oil production will be delayed.
“Only after Isaac passes through the Gulf will experts be able to asses any damages and determine when oil production can resume,” AAA spokeswoman Jessica Brady said. “Whether Gulf oil production resumes today or later this week, motorists are likely to see gas prices increase into the Labor Day holiday.”
In the past week, the national average has jumped 4 cents to $3.756. According to AAA’s Fuel Gauge Report, Georgia’s average sits at $3.72 – up 2 cents from Monday and 7 cents from a week ago.
Gas prices in the Augusta area average $3.53 per gallon according to AAA, Aiken County averages are not provided by AAA, but GasBuddy.com shows most of the county’s prices just below $3.50.
Before Isaac loomed, prices were already headed up. Factors such as increased sanctions against Iran and wildfires in California had worked to push prices up since July, when prices were near $3.