gas prices

Mike Mozart (flickr) (CC BY 2.0)

Gas prices usually rise in the spring and peak around Memorial Day. That’s because refineries make more expensive blends for summer. Last week, though, prices leveled off early.

 

Though prices have been a little less predictable this year, the cause of that unpredictability could actually be good for the Louisiana oil and gas industry.

As a tropical storm was gathering strength last week, fears were growing that the fierce winds might knock out Gulf Coast refineries, send gasoline prices soaring and seriously damage the U.S. economy.

But when Hurricane Isaac slammed into the Gulf Coast on Tuesday, it was only a Category 1 hurricane, far weaker than Katrina, the monster storm that hit seven years ago.

Hurricane Isaac could bring significant weather conditions to more than a thousand drilling rigs and platforms in the Gulf of Mexico. Oil prices are already on the rise.