(Photo courtesy of Lori Shepler/LAT.)
I’ve been swamped at the office the past few weeks, so I finally got a chance to read about Katrina’s devastation last night. Adding to the information overload is the fact that gas prices could skyrocket even further:
Consumers can expect retail gas prices to rise to $4 a gallon soon but whether they stay there depends on the long-term damage to oil facilities from Hurricane Katrina, oil and gas analysts said Wednesday.
“There’s no question gas will hit $4 a gallon,” Ben Brockwell, director of pricing at the Oil Price Information Service, said. “The question is how high will it go and how long will it last?” …
Brockwell said with gasoline prices now exceeding $3 a gallon before even reaching the wholesale level, it “doesn’t take a genius” to expect retail prices to hit $4 a gallon soon.
“Consumers haven’t seen the worst of it yet,” Brockwell said.
As if there wasn’t already enough incentive to conserve gas…