Updated 08/31/2012 12:22 PM
Isaac prompts jump in gas prices
It's Labor Day weekend, and that means many of you will be hitting the roads to enjoy one last summer getaway. But, it's going to be a more costly trip than usual. YNN's Megan Cruz spoke to experts about why a storm miles south of us may be to blame.
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COLONIE, N.Y. -- "Don't want to be disappointed," said Colonie resident Tom Clauford. That's why when he fills up his tank, he avoids looking at the price.
"My truck - it likes gas!"
Many say they're sick of watching the dollars climb.
"I go through $150, $200 a week," said Dave Barnett from Colonie.
"It costs me about $75 to fill up each time," said Clayton Wood, also from Colonie.
And this weekend, they'll be spending even more, not just because of Labor Day.
"The production has been halted for a while and it will remain that way for at least a few more weeks," said Dr. Khalid Mehtabdin, an economics professor at The College of Saint Rose. He's talking about the oil and gas companies along the Gulf Coast. They've stopped production because of Isaac, meaning less supply to meet the holiday demand.
"Because there is no output for production, that means there's going to be demand there anyway," Mehtabdin said.
Over the past week, the national average for a regular gallon of gas has gone up $.11 from $3.72 to $3.83 according to AAA.
Here in Albany, the price of a regular gallon of gas has gone up $.05 from last week, to $3.91.
Regardless, AAA expects more than 30 million people to hit the roads this Labor Day weekend. That's a 3 percent rise from last year.
"Just need time to get a way," said Barnett. "You don't want to lose out! Everybody needs time off."
"I try not to make it a make or break thing for decisions and plans you make," said Wood. "It's just something you deal with."
"I hope they don't go up much more," said Clauford. "I mean, $4 is kind of the tipping point."
Mehtabdin says the good news is this recent spike in prices is shortlived, as the rigs and refineries will gradually gear back up as Isaac moves out.
Unfortunately not in time for this unofficial end to summer.