Nothing like a like a hurricane in the gulf of Mexico, a refinery fire in Venezuela, and an upcoming holiday weekend to create the perfect storm for higher gasoline prices.
Nationwide, gasoline prices rose a half-cent a gallon to $3.756 on average for regular unleaded, AAA reported.
"As of Tuesday afternoon four major refineries, totaling more than 1 million barrels per day of refining capacity, have announced their planned closure. These refineries make up about half of the production capacity in the region where Hurricane Isaac is expected to make landfall," said Michael Green, Manager, AAA Public Relations.
Add to that, a deadly explosion and fire at Venezuela's largest oil refinery, and some experts predict price hikes of 5 to 15 cents a gallon by Labor Day.
Right now, regular unleaded gasoline is selling for $3.79 a gallon in the Pine-Richland area, according PittsburghGasPrices.com.
For perspective, the average price of regular unleaded was $3.71 a gallon a week ago, $3.48 a gallon a month ago, and $3.61 a gallon a year ago in the Pittsburgh area, according to AAA.
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