SAVANNAH, Ga. (WSAV) \u2014 Gas prices have gone up dramatically over the past month and it\u2019s affecting one Savannah tourist destination.<\/p>\n
The Georgia Queen Riverboat in Savannah needs 4,500 gallons of diesel gas every 10 days just to stay afloat.<\/p>\n
The boat can hold up to 10,000 gallons in total.<\/p>\n
With today\u2019s diesel fuel prices, their bill totals $40,000 each fill-up.<\/p>\n
\u201cWe\u2019ve seen about a two-dollar increase on fuel pricing this summer since about March,\u201d said Johnathan Claughton, the president and CEO of the Reiver Street Riverboat Company. \u201cWe\u2019re burning close to 10, 12 thousand gallons of fuel per month. So you can definitely see the impact that it has on the bottom line.\u201d<\/p>\n
Claughton said the amount they spend on gas has doubled since March.<\/p>\n
Michael Fronmueller, the dean of the College of Business Administration at Savannah State University, explained why we may be seeing these higher gas prices.<\/p>\n
\u201cThe Straight of Hormuz, which constricts a large supply of the basic crude petroleum, and that supply is missing,\u201d he said.<\/p>\n
Fronmueller said since the supply of fuel has gone down, demand for it has gone up, causing the price spike.<\/p>\n
Claughton said they haven\u2019t been completely affected by this steep hike in prices yet.<\/p>\n
\u201cWe\u2019re absorbing the cost. We have not raised any of our rates this summer. We don\u2019t plan to. So, you know, it\u2019s squeezing the margins pretty good,\u201d he said.<\/p>\n
Even with the absorption of these costs, Claughton worries gas prices will affect summer travel.<\/p>\n
\u201cFuel relates to all the products we buy and transportation and so forth,\u201d he said. \u201cIt\u2019s not just the fuel price. It also affects many of the products, groceries, transportation and getting supplies.\u201d<\/p>\n
Even though it isn\u2019t directly impacting his business, Claughton hopes gas prices will go down soon.<\/p>\n
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