Hurricane Katrina Raising Gas Prices

Hurricane Katrina means bad news for all of us. At one point, crude oil spiked to more than 70 dollars a barrel. The government says 92 percent of the Gulf Coast's oil output has been shut-in due to Katrina. Oil prices did come down. They finished at a little more than 67 dollars. For now gas prices continue to stay around $2.60. But, consumers can expect that number to go up considerably. With hurricane Katrina having already pounded the Gulf Coast, it forced many oil refinery employees to evacuate. AAA officials say Hurricane Katrina couldn't come at a worse time with a majority of people traveling for the Labor Day weekend. People will be buying large amounts of gas, which could cause an even greater shortage.