SAVANNAH, Ga. (WSAV) – Hurricane Ida may affect the price of gasoline at our local pumps.
“We expect fluctuations in the pumps due to the effects of the storm,” said Montrae Waiters from AAA the Auto Club.
Waiters says average gas prices in Georgia have hovered just under $3 a gallon. Nationwide, the price of a gallon of gasoline actually declined about 2 cents last week, but now you may see prices inching up.
Jay Young, an oil and gas operator, says he can see “prices going up.”
Young says it all depends on how quickly refineries in the Gulf get up and running, as those refineries provide up to 15 percent of the overall domestic oil supply.
“Ninety-five percent of the oil and gas that comes out of the Gulf of Mexico is now shut off,” says Young. “That amounts of 1.7 million (barrels) a day in production. And when the country produces 11 million (barrels) a day, 1.7 million is a lot.”
“It’s all about supply and demand, how much oil do we have, how much do we need, and if we don’t have it where are we going to get it,” said Young.
Waiters told WSAV, “Gas prices are likely to fluctuate this week, but it’s going to mostly be regional.”
She says the Colonial Pipeline, which serves the region, is also temporarily shut down due to the hurricane.
Waiters says to look for a price increase of a few cents in the next week. After that, it might be more depending on what happens in the Gulf.
“We may be looking at gas prices to possibly increase let’s say between 3 and 10 but we probably wouldn’t see the impact of that until sometime next week or the week after,” she said.
Waiters stresses there are no long-term supply issues at this point and people should not be lining up to buy gas and hoard gas. She says buy what you need but no more.