Augusta Economy

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Hurricane Isaac sends gas prices up

Tuesday, Aug 28, 2012 1:26 PM
Last updated Thursday, Aug 30, 2012 1:36 AM
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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.

GAS PRICE AVERAGES

Today - Monday - Week ago - Month ago - Year ago

Georgia - $3.72 - $3.70 - $3.65 -$3.40 - $3.53

Augusta area - $3.53 - $3.51 - $3.49 - $3.24 - $3.41

South Carolina - $3.49 - $3.47 - $3.43 - $3.18 - $3.38

Florida - $3.74 - $3.74 - $3.42 - $3.56

SOURCE: AAA Fuel Gauge Report

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stillamazed
1488
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stillamazed 08/28/12 - 01:48 pm
6
0
Yeah, Yeah, Yeah......

I think we are all sick and tired about hearing the bull about gas prices.....same old song, different day. Just keep sticking it to the working class every chance you get with every excuse you can come up with...the price of everything went but with Katrina and never came down, why?????? Because they saw that people had to make a way to pay the higher prices and so now it just continues. No job, no pay raises but just keep pushing the prices up!

tgentry
231
Points
tgentry 08/28/12 - 02:53 pm
3
1
StillAmazed you are right

There is no reason we should be paying as much for gas as we do. The Bakken formation spanning North Dakota, Montana and part of Canada contains more oil than the Persian Gulf. So why cant we drill here at home? Here is a link for those interested.

http://oil-price.net/en/articles/north-dakota-oil-boom.php

I don't think any Hurricane has ever reached North Dakota or Montana

RoadkiII
6471
Points
RoadkiII 08/28/12 - 02:59 pm
1
0
Tell me again why we don't

Tell me again why we don't need to drill more and build more refineries.

soapy_725
43676
Points
soapy_725 08/28/12 - 05:08 pm
0
0
No new US refineries in 40 years
Unpublished

could be a reason for increasing fuel cost. Also, ethanol which cost more and delivers less MPG while fouling engine parts. Three grades of gasoline when only one is needed. Refinery still burning in CA? Of course CA has many gasoline mixes and times of year when they are legal. CA mixes have little to do with other states or USA reserves. Confusion and division make lots of money.

Lies and manipulation. Forty years since we almost shut down because of gasoline shortages and we are still as fragile as ever. Wonder why?

Last summer, gasoline was less in Hells Canyon, Idaho than in Augusta. So much for the "distance from storage tanks to customers" as a measure of cost.

AutumnLeaves
7143
Points
AutumnLeaves 08/28/12 - 05:11 pm
1
0
From $3.39 to $3.59

At Greg's in North Augusta, Georgia Avenue, it jumped up $3.39 to $3.59 by 3:30pm today.

rmwardsr
525
Points
rmwardsr 08/28/12 - 06:15 pm
1
0
It is $3.75 for unleaded

It is $3.75 for unleaded regular at Love's in Thomson.

johnboy
2
Points
johnboy 11/21/12 - 03:02 pm
0
0
north dakota oil boom

Please do some research before you start spouting stuff like the Bakken has more oil than the Persian Gulf. Apples and oranges.

http://www.bakkendispatch.com/oil-bakken-formation

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