Gas Price Rise Due to Tropical Storm Isaac, Refinery Explosion

A Venezuelan refinery explosion and the tropical storm threaten oil production.
3:00 | 08/27/12

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Gas Price Rise Due to Tropical Storm Isaac, Refinery Explosion
We're going begin with gas prices on the rise. Tropical storm isaac is the latest looming threat to our wallets. This is a perfect storm for major spike from prices. Rob nelson here this morning with all the details. Good morning, rob. Reporter: Good morning, josh. We have seen this before. Storms in the dpufl threatening oil production, causing a spike in gas prices. As of now, it's too early to tell just how much damage isaac will have. Prices have already been rising. Take a look at this. Right now, the national average is about $3.75 a gallon. That is 15 cents higher than we were paying about this time last year. Seven cents higher than just a few weeks ago. One may jr. Reason, disruptions in global oil supplies. This massive fire at an oil refinery in venezuela over the weekend. If isaac does develop into the storm we all fear in the gulf, it would be another blow in the vulnerable oil supply. The gulf accounts for more than 20% of u.S. Oil prux. Lots of reasons to keep our fingers crossed. Josh? One of the things we'll be keeping our eyes on. Rob nelson, thank you for that.

This transcript has been automatically generated and may not be 100% accurate.

{"id":17085347,"title":"Gas Price Rise Due to Tropical Storm Isaac, Refinery Explosion","duration":"3:00","description":"A Venezuelan refinery explosion and the tropical storm threaten oil production.","section":"GMA","mediaType":"Default"}