With hurricane season now in full swing, storms are already starting to affect fuel prices in the United States.
As Tropical Storm Lee moved through the Gulf of Mexico this weekend, many oil refineries were forced to shut down operations, cutting the amount of US crude production nearly in half and sending the price of oil up by $1.08 per barrel. The national average price of gas rose by 5 cents over the holiday weekend, with further increases likely to occur this week.
Hurricanes are a major contributor to rising oil prices in the latter half of the year, and with Hurricane Katia threatening some Atlantic refineries in the coming week, the changes could become more extreme.
Don’t wait for gas prices to go up to start worrying about your fuel budget. Making sure that you keep good habits all year long will help you to ride out the stormy conditions that hit the oil markets from time to time.
Photo courtesy of NASA and re-used under the Creative Commons license.