Bad news for gas prices
August 28, 2008
That’s it — don’t move. Don’t even think about going anywhere, it’s just not worth it. The folks at AAA Mid-Atlantic have been busy little bees this week, first predicting massive delays on the Chesapeake Bay Bridge this weekend due to emergency repair work and now are warning travelers of an expected increase in gas prices in response to Tropical Storm Gustav.
“Although the market is reacting to storm updates, there is still some uncertainty about the path of the storm,” said spokeswoman Ragina C. Averella in AAA’s press release, noting that gas prices across Maryland have dropped an average of 34 cents in the last month.
But the three G’s — Gustav, the Gulf and gas — are already having an impact on crude oil prices, to the chagrin of motorists, travelers and some oil investors, according to the release. Crude oil futures jumped to $116.26 — up $1.115 per a barrel — Tuesday and continued rising, closing at $118 Wednesday.
“Investors fear Gustav could hit U.S. waters by Sunday and could morph into a monster storm by early next week, impacting about 85 percent of the energy infrastructure on the Gulf Coast,” the press release states.
First the Bay Bridge is going to be (and probably already is) a parking lot on one of the biggest travel weekends of the year and now we’ve got another predicted gas price hike on top of it? I didn’t have any travel plans for the Labor Day weekend but if I did I’d likely consider breaking them.
Is anyone bagging their original plans for the holiday and staying home this year?
LIZ FARMER, Business Writer
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