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Gustav May Influence Gas Prices

August 27, 2008
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Labor Day = higher gas prices, right? Yes, but not for the reason you think: Oil prices rose Tuesday as Hurricane Gustav made landfall Haiti -- raising concerns that the storm could slam into major oil operations in the Gulf of Mexico.

If Gustav continues to follow a path toward the Gulf, it could mean gas station prices will be on the incline ahead of Labor Day weekend.

While Gustav is currently a tropical storm, the Houston Chronicle reports that, if Gustav passes through the Yucatan Channel into the Gulf, the storm could intensify into a Category 4 or 5 hurricane. A Category 5 hurricane is defined as having sustained winds over 155 miles per hour; both hurricanes Rita and Katrina were Category 5, and shut down most of the Gulf region's crude oil and natural gas production in the late summer and early fall of 2005.

The Weather Channel reports that the hurricane may be a threat to the Gulf Coast by Monday. While Gustav's future strength is currently unknown, it is expected to be a hurricane --possibly a major one, at that -- by the time it reaches the Gulf.

While not much can be done about soaring gas prices, I’m happy to be staying home over the holiday weekend. I’d much rather be relaxing at home and firing up the grill than battling the traffic and high gas prices and traveling.

Have gas prices affected your Labor Day plans? Tell us about it by leaving a comment below.
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