GASOLINE PRICE HIKE

News

Expect the tropical storm ISAAC, which is moving over the Gulf of Mexico to have an impact at the gas pump, natural gas and thereby on US consumers wallets.

Energy companies are always looking for ways to raise prices and increase their profits, so they are now scrambling and evacuating workers from oil and natural gas platforms, cutting oil production in the Gulf of Mexico.

As Isaac tracks west it becomes a bigger threat to the energy industry. The Gulf coast region accounts for more than 20 percent of US oil production and over 40 percent of refining.

As a result, If many plants are closed this could be a good reason to raise gas prices, at least for a few weeks. Global oil prices are already on the rise. West Texas crude rose to more than $97. The price was in the low 80′s as recently as June.

Indications are that the average price hike has been seven cents per gallon, so try to hold on to those wallets, US consumers.