Some financial analysts believe that gas prices could surge due to storm season. We are in Hurricane Season and the height of the season this year is expected in the coming weeks. While gas prices have dropped in the last month or so, from near record highs around the state, they are still higher than a year ago at this time. AAA says, the national average right now is $3.75 per gallon which is 60 cents higher than this time last year. In South Carolina, the average per gallon cost is $3.40 which is down from earlier this year and has dropped about 25 cents from last month's average. OPEC has said, they will cut oil production next month by 100,000 barrels per day. The cut in production mixed with the possible storms could make for a major spike in prices. Dan Roccatto is a Finance Professor at the University Of San Diego, he says Opec's goal is to " take as little out of the ground as possible and as much out of your pocket as possible". He also says, that we are one major tropical storm or hurricane away from gas surging to a national average of $5 per gallon. Roccatto cited that refineries are working at 100% capacity and a major storm surge would have a major adverse impact on pricing. Will gas prices surge during storm season? Let us know what you think, below.
