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Retail Gas Prices Soar

By: AP
By: AP

LOS ANGELES - Hurricane Katrina's damage to Gulf Coast refineries and pipelines has pushed retail gas prices to historic highs in the past two weeks.

Self-serve regular averages more than three dollars a gallon for the first time ever. The California-based Lundberg Survey says the weighted average price for all three grades surged more than 38 cents to nearly three dollars four cents a gallon between August 26th and September 9th.

Analyst Trilby Lundberg says prices could drop sharply in the coming weeks by 10 cents or more as gasoline imports flow in and demand eases with the traditional September drop-off, fewer drivers in storm-stricken areas and other consumers limiting trips to the pump.

The semi-monthly Lundberg Survey checks prices at seven thousand gas stations around the country.


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