Keeping you up to date on gas prices…
There is more major weather happening in the Atlantic that may threaten oil suppliers and oil rigs.
I am keeping an eye on soon-to-be Hurricane Rita. Right now, she is a tropical storm, but is forecasted to become a Hurricane very soon, and this worries me because as we saw with Hurricane Katrina, a LOT of strengthening may happen in a few hours as she enters the Gulf of Mexico. Hurricane warnings and watches are in place for Florida and Cuba as Rita enters the Gulf between those two locations.
As of now, wholesale gasoline prices are “only” up 2% (4 cents per gallon). We most likely will see more active trading of gasoline as this storm nears the hurricane sensitive Gulf area. The storm is AT THIS POINT forecasted to make landfall in South Texas (I must emphasize that this is STILL a week away).
Be watching the news and follow Rita. If things go the way I think they will, we will see a rise in gas prices. However, at this time, I do not believe it will be as bad as the spike after Hurricane Katrina. Just keep an eye out, and keep that tank full.
Enjoy watching gas prices fall, as they *should* continue to slowly fall (until midweek, when we may see a rise due to the Hurricane).