Labor day gas prices expect to break record - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Labor day gas prices expect to break record

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Amarillo, TX - Labor day gas prices are expected to break a record.

AAA predicts the national average price of gasoline for this holiday will be the highest ever.

"I remember of course twenty years ago when gas was 27-cents a gallon. Our dollar is not worth near as much as it was twenty years ago," says Lamar Jackson, Tourist, Sherman TX.

Lamar Jackson and his wife are traveling through Amarillo, they make the trip often and say they are paying more at the pump.

"We've done this so many times, we pretty much know where gas prices are going to be the lowest," says Lamar Jackson, Tourist, Sherman TX.

GasBuddy.com shows the cheapest prices in central and southwest Amarillo.

AAA says the sudden gulf coast refinery closures in preparation for Hurricane Isaac is one factor driving the cost up.

"well of course it has a temporary effect on gas prices but the long term effect is the policy of whether or not we are going to be drilling and developing more of our oil and gas resources," says Lamar Jackson, Tourist, Sherman TX.

Other factors include increased crude oil costs and regional supply problems in the Midwest and west coast.

Within the past month, gas prices at many stations have jumped nearly 30-cents in Amarillo.

"The highest spike I ever saw was of course around 9-11, we had a really high spike. Gas is approaching those prices again," says Tom Saunders, Tourist, Northwest, AR. 

Tom Saunders says prices are unreasonable, particularly since he is towing an RV.

It has him looking into other options.

"It also has me considering buying a more energy efficient vehicle for my daily commute," says Tom Saunders, Tourist, Northwest, AR.

Right now Texas and Oklahoma are faring better than many other states.

The good news is gasoline prices are expected to drop in a few weeks as gulf coast refineries resume operations.