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Entries in Hurrican Irene (1)

Tuesday
Aug302011

Gas Prices Climb Back Up in Irene's Wake

Comstock Images/Thinkstock(NEW YORK) -- The cost of gas is up again, and there are concerns that last week's storms may force prices even higher. Gas prices rose five cents a gallon over the past week, with regular unleaded averaging $3.63 a gallon nationwide.  

Tom Kloza, chief analyst at the Oil Price Information Service in New Jersey, tells ABC News retail gas prices were driven up last week by the notion that Hurricane Irene could knock out refining production in the Northeast.  That didn't happen, but we haven't seen prices recede yet.

Kloza adds that Americans may be experiencing the most expensive prices for gasoline. He says that in 2011 consumers will likely spend about $540 billion on gasoline -- about $50 billion above the previous record.

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