Reply #64: Katrina To Send Gas Prices Higher

[sabra]

http://www.13wham.com/news/local/story.aspx?content_id=A1FF5E40-5200-48CE-9DF7-E99EFAB2E9DE

Katrina To Send Gas Prices Higher


WASHINGTON (AP) - Crude oil prices, as well as wholesale gasoline prices, are on the rise as the markets react to Hurricane Katrina's trek through the Gulf of Mexico.

As result, gasoline prices are poised to jump to new highs this week as the hurricane barreled toward the heart of U-S oil production and refining operations.

Light sweet crude for October delivery jumped surged to as high as 70 dollars, 80 cents a barrel in electronic overnight trading.

...

The Bush administration is expected to announce later today whether it will tap the nation's emergency stockpile of crude.