Tropical Storm Isaac threatens to drive up Ariz. gas prices - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Tropical Storm Isaac threatens to drive up Ariz. gas prices

Print
Font Size:
Default font size
Larger font size

Related Stories

Posted: Saturday, September 1, 2012 5:45 pm

Arizona gas prices, and those across the country, may jump now that fuel production has taken a hit from Tropical Storm Isaac, AAA Arizona reported Monday.

The Gulf of Mexico accounts for 20 percent of U.S. oil production. With Isaac forecasted to become a hurricane, refineries have taken precautions and shut down.

Arizona drivers are currently paying an average of $3.550 per gallon, an increase of more than 9 cents from last week. Nationwide, the current fuel average is $3.750, up 3 cents from last week. Factors behind the recent price lift include West Coast and Midwest refinery issues as well as geopolitical tensions in the Middle East.

Crude oil, which accounts for about 72 percent of the cost for a gallon of gasoline, is currently trading in the mid $90 per barrel range.

 

 

“In fact, the U.S. Bureau of Safety and Environmental Enforcement is reporting that 39 production platforms and eight drilling rigs have been evacuated as of Sunday. The bureau also estimates that about 24 percent of the current daily oil production and 8 percent of natural gas production has been halted in advance of the storm,” the release states.

“Until Tropical Storm Isaac makes landfall and the full extent of its damage is assessed, it’s difficult to say how and to what extent prices will be affected,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “AAA urges motorists to fill their vehicles as normal and to avoid topping-off, which has the potential to create an unnecessary crisis.”

The effect that Tropical Storm Isaac will have on fuel prices largely depends on the damage incurred by threatened infrastructure. Should infrastructure sustain little or no damage; facilities will likely resume production once the storm passes, a scenario that would mean Isaac’s market uptick will be short-lived. However, should refining infrastructure sustain excessive damage, Isaac’s market effect will be longer lasting.

“With the countdown to Labor Day weekend under way, Isaac’s timing couldn’t be worse,” said Gorman. “More than 564,000 Arizonans will be taking to the road, and many of them will be keeping a close eye on how this storm will impact their travel budgets.”

More about

More about

More about

  • Discuss

Arizona Uber rider too drunk to ride? (VIDEO)

PHOENIX - A Valley Uber driver did not feel safe during this terrifying ride. The Uber driver is seen struggling to gain control of an apparen…

Published: July 26, 2016 - 11:12 am @ http://www.abc15.com/news/region-phoenix-metro/nor…

now Chicago-based Gino’s East is coming to Valley

Hot on the heels of Lou Malnati’s move to the Valley, another iconic Chicago deep-dish pizza icon is headed to Arizona. Gino’s East, a Windy C…

Published: July 26, 2016 - 11:12 am @ http://mouthbysouthwest.com/2016/07/26/move-over-l…

Refugees and Social Enterprise: Considerations about Resettlement - Non Profit News For Nonprofit Organizations

July 21, 2016; Fusion Against the backdrop of negative rhetoric about refugees from the stage at the RNC in Cleveland last week, an example of…

Published: July 26, 2016 - 10:42 am @ https://nonprofitquarterly.org/2016/07/25/refugees…

Nation's top experts in psychoneuroimmunology to gather Sept. 18-21 in Tampa, Fla.

Tampa, FL (Sept. 9, 2008) -- Are you sick because you're depressed, or are you depressed because you're sick? The short answer is yes. For mor…

Published: July 26, 2016 - 10:35 am @ http://www.eurekalert.org/pub_releases/2008-09/uos…

Tribal leaders call on next president to include Native voices in policy

Edward Manuel ticks off the issues – water shortages, federal approval of mining projects, allocation of scarce resources – all decisions made…

Published: July 26, 2016 - 10:33 am @ http://www.scottsdaleindependent.com/news/tribal-l…

It’s Taco Tuesday! Here are today’s East Valley taco deals

El Palacio: $1.50 tacos, $3 Mexican draft beers, and $4 margaritas from 3 p.m.-close Baja’s Joe’s Mexican Cantina: $2 tacos The Hungry Monk: $…

Published: July 26, 2016 - 10:11 am @ http://mouthbysouthwest.com/2016/07/26/its-taco-tu…

Why Human Enhancement Freaks People Out

Fond as we are of superheroes on the big screen, most of us would stop short of actually becoming one via technology. That’s the verdict issue…

Published: July 26, 2016 - 10:05 am @ http://www.medicaldaily.com/human-enhancement-frea…

Damian German: A Day in the Life at FC Tucson

Players Mentioned Damian German #11 F 5' 9" So. Watch Video Above TUCSON, Ariz. – It has been a productive summer for Grand Canyon men's socce…

Published: July 26, 2016 - 9:33 am @ http://gculopes.com/news/2016/7/25/mens-soccer-dam…

Hotels go after Millennials

Moxy Hotels, Marriott International’s new hotel for Millennials, which just celebrated the opening of its New Orleans property, is a signpost …

Published: July 26, 2016 - 9:11 am @ http://www.usatoday.com/story/travel/roadwarriorvo…

Family member holding gun shoots teen in face, kills her

TEMPE, Ariz. — A 16-year-old girl died after being shot in the face when a handgun accidentally fired as a relative was handling it, police sa…

Published: July 26, 2016 - 9:03 am @ http://www.usatoday.com/story/news/nation-now/2016…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…