Gas Prices Continue Upward Trend

August 29, 2012

Oil production in the Gulf of Mexico came to a halt Friday as Tropical Storm Isaac neared oil platforms. While it’s still too early to tell how long Isaac will delay Gulf oil production, motorists have already seen a rise in pump prices.

The precautionary shutdowns alone are said to have caused a loss of 2 to 3 million barrels in Gulf oil production. A barrel of oil settled Friday at $96.15, which was 14 cents more than the week prior.

“Only after Isaac passes through the Gulf, will experts be able to assess any damages and determine when oil production can resume,” said Jessica Brady, AAA spokeswoman, “Whether Gulf oil production resumes today or later this week, motorists are likely to see gas prices increase into the Labor Day holiday.”

The national average price of regular unleaded gasoline is $3.75, a 3-cent increase from a week ago today. Georgia’s average of $3.70 increased 6 cents from last week. According to the lowest price for a gallon of regular unleaded gasoline in Elbert County is $3.55, and in Washington, Georgia, the price is $3.59 for a gallon of regular unleaded.