Hurricane Gustav Update – Better Than Expected

Hurricane Gustav made landfall this morning near central Louisiana at roughly 10 a.m. as a Category 3 storm, packing winds of over miles per hour. Fortunately, since making landfall, the storm has been downgraded to a Category 2, and how has sustained wind gusts of over 110 mph.

The major concern now that Gustav has made landfall is the storm surge that is likely to come as the back half of the hurricane comes around the shoreline. Most forecasts predict the surge will be between 8 to 12 feet.

Clearly what has happened so far has been better news than what was forecast even 18 to 24 hours ago, when most meteorologists were predicting Gustav would strengthen to at minimum a Category 4 storm before making landfall.

And, thanks to this better than expected news, the price of oil has fallen, and the price of gasoline has remained relatively stable.

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Gas Prices Climb For First Time in Nearly 45 Days

The national average price of a gallon of regular unleaded gasoline climbed by 1.1 cents today – up from $3.68 to $3.691 – marking the first daily price increase in 43 days.

Since hitting its record high of $4.12 per gallon on July 16, the price of gasoline has fallen or remained steady, up until this morning.

Currently, only Hawaii and Alaska are reporting state-wide average gas prices above $4 per gallon, at $4.55 and $4.40, respectively. New Jersey has the lowest state-wide average gas price at $3.44 per gallon.

But, keep in mind, while the recent price declines have come as a welcome relief, we’re still paying more than a third more for gas than we were just a year ago.

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