Isaac Causes Gulf Coast Refineries to Reduce Production

Gas prices could raise as states recover from the devastating storm.
3:00 | 09/01/12

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Transcript for Isaac Causes Gulf Coast Refineries to Reduce Production
Now, back to bianna. Thank you. Isaac is packing a punch at the gas pump. It shut down gulf coast refineries, accelerating the spike in gas prices to $3.83 a gallon. Up 9 1/2% in less than a month. Abc's john muller is at a gas station here in new york. Hey, john. Reporter: Good morning, bianna. There is some relief in sight. But the bad news is, it's not going to happen before this holiday weekend go through. We're in a historymaking h territory right now. Never on a labor day has we have had gas prices this high. 4.15 for a gallon of regular. That's the cash price. It is 29 cents higher than the national average. But it is painful everywhere. Americans filling up and hitting the road for one last vacation. The reason for all this, the u.S. Refineries have taken a beaten. Gulf coast refineries shut down last week as hurricane isaac advanced. 8% of capacity tied to the gulf refineries. And the big refinery fire at the beginning of the month in california, as well. Now, to the good news. Hurricane isaac didn't do much damage to the gulf refineries. They should be pack online this week. Also, gas stations are using the summer blend of gasoline. It's a little more expensive. In a couple weeks, they'll go to the winter blend. Experts say by october, we could be paying 20 cents less a gallon.

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