Gas prices rise as Isaac throttles the Gulf

Gas prices are expected to jump 10 cents Monday to $3.008 per gallon. The rise in gas prices comes as Tropical Storm Isaac churns its way through the Gulf of Mexico.

Mike Black/Reuters/File
A Chevron gas pump is shown at a Chevron gas station in Encinitas, California in this 2011 file photograph. Gas prices are expected to spike earlier in the week as Tropical Storm Isaac barrels through the Gulf and slows oil production.

Oil prices rose Monday as Tropical Storm Isaac barreled across the Gulf of Mexico and toward the U.S. mainland, picking up strength and threatening oil and refining operations. An explosion at a refinery in Venezuela also pushed prices higher.

Benchmark crude for October delivery rose $1.03 in late afternoon Bangkok time to $97.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 12 cents to finish at $96.15 per barrel on the Nymex on Friday.

Brent crude rose $1.21 to $114.80 on the ICE Futures exchange in London.

Oil analyst Stephen Schork said in an email commentary that he expects "much higher volatility this week" due to Tropical Storm Isaac, which weather forecasters said would pick up strength before striking as a Category 2 hurricane somewhere between New Orleans and the Florida Panhandle on Wednesday.

Schork worries that the storm will be a repeat of Hurricanes Katrina in 2005 and Gustav in 208, damaging Gulf refineries and pipelines and disrupting oil tanker traffic.

Another factor pushing up prices was an explosion and fire that shut down operations at the Amuay refinery in western Venezuela, said Victor Shum, energy analyst at consultancy Purvin & Gertz in Singapore.

Amuay is among the world's largest refineries and is part of the Paraguana Refinery Complex, which also includes the adjacent Cardon refinery. Together, the refineries process about 900,000 barrels of crude per day and 200,000 barrels of gasoline.

Gasoline futures rose nearly 10 cents to $3.008 per gallon. Heating oil rose 5 cents to $3.1727 per gallon. Natural gas rose 4 cents to $2.743 per 1,000 cubic feet.

You've read  of  free articles. Subscribe to continue.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to

QR Code to Gas prices rise as Isaac throttles the Gulf
Read this article in
QR Code to Subscription page
Start your subscription today