Ouch:
Prices have already topped $5 in some areas closest to Hurricane Katrina’s devastation, sparking accusations of price gouging, long lines at gas stations and concerns over possible shortages, according to news reports.
Even before Hurricane Katrina hit earlier this week, the one element in the market that "labored under terrific stress was the refining infrastructure, and that has borne the full brunt of the storm," said Michael Fitzpatrick, an analyst at Fimat USA.
"Some refineries may be able to restart operations within one to two weeks, but others may take several months to resume making gasoline and other petroleum products," he said, citing a statement released by the Energy Information Administration.
My friend is telling me that even in New Hampshire, notorious for low gas prices, the average is about $3.25 to $3.50 a gallon right now, which is unheard of. Basically, we're screwed.