Gas prices steady as Ida moves toward Cape Cod

AAA predicts a 3 to 5 cent jump in national average during Labor Day weekend

As Post-Tropical Cyclone Ida moves northeastward toward Cape Cod on Thursday, the national average gas price has risen slightly to $3.18 per gallon. 

According to Gasbuddy senior petroleum analyst Patrick De Haan, the national average has risen about 5 cents per gallon since before Ida made landfall Sunday. Gasbuddy has initially predicted a rise of 5 to 15 cents per gallon one to two weeks out from Ida's landfall.  

"I think we should be able to avoid the high side of that range, but it still is contingent on power being restored sooner rather than later," De Haan told FOX Business.

IDA HITS NORTHEAST CAUSING WIDESPREAD FLOODING, POWER OUTAGES; AIRLINES CANCEL FLIGHTS

Across the U.S., over 1 million people remain without power as a result of the storm, according to PowerOutage.US. As of 10 a.m., Louisiana leads with 926,979 outages, followed by Pennsylvania with 95,642 outages, New Jersey with 62,282 outages, New York with 37,259 outages and Mississippi with 34,916 outages. 

As of 8 a.m. Central Time, approximately 35.6% of Louisiana gas stations are reporting fuel outages. Baton Rouge and New Orleans remain the hardest hit, with approximately 65% of fuel stations in each city reporting fuel outages, followed by Lafayette with 33.7% of stations reporting outages.

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Looking ahead, AAA does not expect to see any major spike in gas prices as a result of the storm. However, heading into Labor Day weekend, the organization predicts a 3 to 5 cent increase to the national average due to holiday demand and travel

"While refineries are still offline, they only account for 13% of US production and most of these refineries are expected to be back online in 3 weeks," AAA spokesperson Jeanette McGee told FOX Business. "In fact, with an anticipated decrease in demand following Labor Day (due to schools back in session and summer road trips ending), we expect prices to decrease by the end of the month, though still remain above $3 per gallon."

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 58.45 +0.62 +1.07%

While gas prices remain steady, the price of oil has popped above $70 per barrel for the first time in a month. Oil hasn't settled above $70 since Aug. 3.