Gas prices were up for Labor Day holiday travelers, with motorists paying the most expensive prices in four years, with a statewide average of $2.70 per gallon.
On average, prices at the pump were 50 to 60 cents higher than last year's holiday, according to AAA. Prices are also one cent more than last week.
The highest prices were in Atlanta at $2.74 and Savannah and Brunswick at $2.70; the lowest prices were spotted in Catoosa-Dad-Walker at $2.57 and Augusta-Aiken and Warner Robins at $2.59.
Prices could increase more, depending on the path and severity of Tropical Storm Gordon. The National Hurricane Center expects Gordon to strengthen into a hurricane before making landfall somewhere between the Louisiana and Florida coastlines. While AAA reports so far the storm has not affected gas prices, that would change if refineries suffer damage or go offline. Refineries in Louisiana and Mississippi began preparation for the storm Monday, AAA reported in their weekly fuel price report, but so far no refineries, oil rigs or platforms have shut down.
The Gulf Coast is home to nearly half (45%) of the nation's refinery capacity. Last year, pump prices surged after Hurricane Harvey made landfall in Texas as a category 4 storm, causing mass flooding and refinery outages. Energy production dropped approximately 21% as a result. Although oil prices didn't change much, gasoline futures jumped 47 cents within 5 days of Harvey's arrival. Fifteen days after landfall, gas prices in the southeastern U.S. had climbed 40-50 cents.
"It's too early to know just how much of an impact - if any - Gordon will have on prices at the pump," said Mark Jenkins, spokesman for AAA. "Market watchers will pay close attention to how refineries respond to this storm. Any supply outages would likely cause prices to climb."
GasBuddy.com reported prices have only risen half a cent in the past week, averaging $2.64 a gallon Monday. This compares with the national average that has fallen 1.4 cents per gallon versus last week to $2.82, according to GasBuddy.
"We've closed the door on the most expensive summer at the pump since 2014, finishing the period from Memorial Day to Labor Day with an average of $2.87 per gallon, a full 55 cents higher than last summer, but still 71 cents per gallon cheaper than 2014. Much of the blame for the summer's higher gas prices can be blamed on OPEC's long-term decision to cut oil production to better balance supply and demand, pushing prices higher," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"Now that summer is over, gas prices are likely to seasonally decline by the end of the year, but with Tropical Storm Gordon likely to impact the sensitive Gulf Coast region, gas prices may move higher before we see the seasonal down trend emerge. We're carefully watching the storm for possible disruptions to refineries and gas stations, and will continue to do so until hurricane season ends. Motorists in affected regions can download the GasBuddy app as we'll continue to work around the clock updating motorists, helping them escape major events like this one."
