8/28/2008

Analysts say the pump price of gasoline may increase as much as 10 cents a gallon over the long Labor Day weekend because of fears that Tropical Storm Gustav could cause production facility and refinery outages in the Gulf Coast region. The storm could wreak havoc with airport schedules along the Gulf Coast, although airlines have not yet begun waiving change fees for flights to the region. Roy Mohon, the owner of several Alabama gas stations, said his stores have already seen a 10-cents-per-gallon price hike, although he blames the volatility on speculators rather than storms. "Get the speculators out of the oil business, and we will have a much calmer market," he said.

Related Summaries