Gas & Oil News

We have all dodged a bullet that could have very well sent Crude Oil much higher than the record it set today selling at a high of $69.10. But look out for the next couple of days. The temporary disruption of the supply of Crude Oil caused by "Katrina" has put the markets on edge, to say the least. It was good news the storm didn't do nearly as much damage as was first feared. It will take some time to get all the systems back on line to bring the supply of Crude Oil back to pre-storm levels. The majority of normal operations will be back on line in the matter of days, or in some cases weeks, depending on where and how hard they were hit. In the worst damaged areas it could take up to 6 months to resume full production and this will add a long-term drain on supply that will reflect in gasoline prices at the pump.
The National Average Price for Regular Unleaded Gasoline inched up Two Tenth's of a Cent from Friday and is at $2.603 a gallon. Expect 10 to 20 cent a gallon price increases at the pump this week!
For the Best Ways to Save Gasoline & Money:
www.BetterGasMileage.com
Davitte’ Lanier
Petroleum Industry Analyst