High Fuel Prices Will Hit Farmers and Shoppers
Washington--Need another reason not to like hurricanes? AFBF Economist Matt Erickson gives you one in the latest edition ofNewsline.
Hurricane Isaac rained on just about everyone’s Labor Day weekend by helping to push gasoline prices to a record high for the holiday weekend. According to Erickson, the national average was about $3.83 per gallon and diesel was about $4.10 per gallon. He says even though refineries only shut down temporarily during the hurricane, he expects higher prices to stick around.
“I think here in the short term you may see prices go down, but looking forward here I think you will see gas prices stay relatively high for the rest of 2012,” said Erickson. “You have to look at crude oil. If we continue seeing crude oil at $90 to $100 a barrel, you know you’re going to see high gasoline prices.”