Gas Prices Skyrocket - Cincinnati News, FOX19-WXIX TV

Gas Prices Skyrocket

(CINCINNATI) -- Tri-state gas prices skyrocketed on Wednesday to over 3.00 per gallon.

 Around the region drivers found prices anywhere between 3.00 and 3.29 for a gallon of gas.

The spike is blamed on Hurricane Katrina which destroyed oil drilling platforms and refineries along the Gulf of Mexico earlier this week.

In Washington, the American Petroleum Institute is still assessing the damage caused by Hurricane Katrina to oil platforms, refineries and pipelines in the Gulf of Mexico. The institute's chief economist, John Felmy, says nine refineries are not operating in the northern Gulf region. He adds that crude oil, gasoline and natural gas pipelines are also down as companies check the damage caused by the storm.

Institute president Red Cavaney estimates that it will take a week to come up with a solid damage estimate. As for repairs, Cavaney says the first step is to get the water out of the refinery and pipeline sites before power can be restored.

He adds that Katrina "created much more havoc" to the oil production system than other recent hurricanes.

(Copyright 2005, The Associated Press. All Right Reserved.)

 

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