As Hurricane Isaac intensifies and threatens the Gulf Coast with significant storm surge and hurricane force winds, oil companies with refineries in Louisiana have started to evacuate employees and shut-down operations.
The result will likely mean higher gasoline prices for area drivers.
AAA is reporting that it is likely drivers across the country will experience higher gas prices as a result of the tropical storm heading toward the Gulf Coast.
Roughly 1.3 billion barrels a day — or 8 percent — of the country’s refining capacity was taken offline in preparation of Isaac making landfall in Louisiana, according to a story on the Wall Street Journal Monday.
Prices could rise another 10 cents in the coming week, according to a story on CNN Money.
The nationwide average price of gasoline on Monday was $3.72 a gallon, according to AAA. Closer to home, the agency said the average gallon of gas in Illinois was $3.988.
The cheapest unleaded gas around Grayslake is $3.94 per gallon at both the Marathon at 735 E. Belvidere Road and the Speedway at 491 S. Route 83. The 7-Eleven at 92 Belvidere Road is at $3.96 per gallon.
AAA is projecting that 33 millions Americans will travel at least 50 miles over the Labor Day weekend, a 2.9 percent increase from Labor Day Weekend 2011. Here in Illinois, 1.8 million people are expected to travel, a 2.6 increase over last year.
Will the higher gas prices impact your holiday travel plans? Tell us in the comment section!