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Gas Prices Rise, Isaac May Cause Spike

Gas prices continue to rise in Texas, and as Isaac approaches, a spike in prices is expected.
The average retail gasoline prices in Texas have risen 1.9 cents per gallon in the past week, averaging $3.55/g yesterday.

This compares with the national average that has increased 3.0 cents per gallon in the last week to $3.73/g,

Including the change in gas prices in Texas during the past week, prices yesterday were 10.0 cents per gallon higher than the same day one year ago and are 21.8 cents per gallon
higher than a month ago.

The national average has increased 23.3 cents per gallon during the last month and stands 11.8 cents per gallon higher than this day one year ago.

While the impact of Isaac is still uncertain, refinery outages, oil production losses, and gasoline supply issues are entirely possible.

In anticipation of the storm, oil companies have already evacuated their rigs in the gulf of Mexico. Experts estimate 75 to 90 percent of gulf oil production could be shut down.

Prices, then, both nationally and statewide, will be driven up even higher, at least temporarily.
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