As Hurricane Rita bears down on Texas and the Gulf Coast, drivers around the country are wondering what effect this latest storm will have on already high gas prices. The projected path of the storm takes it toward oil rigs, pipelines and refineries along the Gulf of Mexico, where about a fourth of the U.S. refining capacity is located.
It was just a few weeks ago when Hurricane Katrina’s devastating blow to Louisiana and nearby states sent gas prices above $3 in most of the country. While these prices have come down somewhat, we’re all still feeling “sticker shock” at the pump. (more…)