|
NEW YORK (CNN) -
Wholesale prices for gasoline began to react Monday afternoon to Katrina's march through the Gulf of Mexico, jumping 10 to 25 cents per gallon over Friday's prices, depending on the part of the country, the publisher of the Lundberg Survey said.
"Unless these are reversed in the next few hours, they will show up in the street" -- at the retail level -- by Tuesday or Wednesday, predicted Trilby Lundberg.
The price hikes were confined to the unbranded wholesale market, which is typically the first to react to futures market nervousness, said Lundberg, whose survey tracks the prices of gasoline on the wholesale markets.
Refineries and oil-drilling platforms were in Katrina's path.
"The market believes tightness (of supplies) is substantial, at least temporarily," she said.
"Unless Katrina spares the oil facilities, then these wholesale prices will make their way to the street very, very fast, probably by tomorrow or the next day."
If, however, the damage is quickly deemed minimal, it's possible that the prices at the pumps would not be affected, she said.
On Sunday, the Lundberg Survey found that the national average price of gasoline broke a record for the fourth time this year, soaring nearly 13 cents between August 12 and August 26 to $2.63 per gallon of self-serve regular.
New Orleans drivers paid the least, at $2.45 per gallon of self-serve regular; and Chicago drivers paid the most, at $2.84, she said.
Since early January, gas prices have risen more than 83 cents per gallon.
Though gas prices are at a high in absolute terms, they are about 40 cents per gallon below their 1981 high with inflation factored in, she said. In 1981, unrest in Iran caused gas prices to shoot up.
____________
Natural gas futures surged after Hurricane Katrina disrupted deliveries, click here for more.
Sick of rising gas prices? You're not alone. Click here for readers' gas gripes.
|
