View Mobile Site
 
Posted: August 30, 2012 7:30 p.m.

Gas prices reach record highs for ’12

Yuvette Lowe, a Covington resident, said she "didn't have the right words to answer," when asked about her thoughts of the recent jump in gas prices.

Lowe, who recently lost her job, put $10 worth of gas in her tank. That amount paid for 2.5 gallons of gas, just enough to make sure she got home.

Newton County residents will see the highest gas prices they've seen all year as they enter into Labor Day weekend; however, the good news is prices will go down, according to gas price analysts.

Gas prices across the county rose an average 18 cents per gallon this week alone making gas the costly it has been since April 2011, according to statistics provided by GasBuddy.com.

On Monday, prices began to spike as Hurricane Isaac closed in on the Gulf Coast, and oil companies began to pull workers from drilling rigs and shut down refineries. The good news, according to Senior Petroleum Analyst Patrick DeHaan is that prices will move lower throughout the weekend.

Contrary to popular belief, prices do not always rise during major holiday weekends, DeHaan said.

"An analysis of Labor Day weekend prices from 2001 through 2011 shows that the national average price of gas actually declined in 10 of the last 11 years," said Gregg Laskoski, senior petroleum analyst for GasBuddy.com.

However, according American Auto Association, a rise in gas prices is predictable around Labor Day weekend and drivers can expect a decrease after the holiday.

"AAA continues to expect that, given current (economic) conditions, prices at the pump will decline following Labor Day as the busy summer driving season draws to a close," according to a AAA press release.

General Manager T. Pat Cavanaugh contributed to this article.

Commenting is not available.

Commenting not available.

Please wait ...