Higher Gas Prices for Labor Day Weekend

News

If you’re headed on the road Labor Day weekend you’ll be paying more at the pump, but you’re not alone.

“A lot of our citizens are probably going to go out of town for a 3 day weekend,” says Diann Bayes, the Vice President of the San Angelo Convention and Visitors’ Bureau.

AAA predicts about 35 million Americans will travel at least 50 miles this weekend.

San Angelo Convention and Visitors’ Bureau says holidays have one thing in common.

“Almost every time there is a major holiday, the gas rate raises,” says Bayes.

Now, according to AAA, gas prices are higher than they’ve been all year across the U.S.

Prices are up about 16 cents over the last week.

“Unfortunately with Hurricane Harvey, I think it is just adding to the challenges because of refineries shutting down,” says Bayes.

Analysts agree, saying Hurricane Harvey is to blame for high gas prices.

Flooding knocked more than a dozen Gulf Coast oil refineries offline.

The federal government is releasing oil from the strategic petroleum reserves.

Experts say there is enough supply.

“Some of that refinery capacity has been coming back but I think that is going to take a while. We don’t know what the damages are – that is the biggest question mark,” says Francisco Blanch, B of A Merrill Lynch, Global Research. 

San Angelo Convention and Visitors’ Bureau says people want to make sure they can afford to travel but gas prices will likely not completely stop people from hitting the road.

“A lot of people are committed to go on their travels and go on their vacations. And that’s what they’re going to do,” says Bayes.  

 

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