Pain At Pump Continues: $3.50 For A Gallon Of Gasoline? - KLTV.com - Tyler, Longview, Jacksonville |ETX News

8/30/05 - Tyler

Pain At Pump Continues: $3.50 For A Gallon Of Gasoline?

Get ready to pay a lot more at the pump over just the next few days.

"It's uncertainty. We don't know what's going to happen in the Gulf," says economist Ashton Oravetz.

Refineries and oil platforms all along the path of Katrina. All could be in shambles. We just don't know. The rumors over price run rampant.

From Fred Green, Vice President of Delek Refining, formerly La Gloria comes the shocking prediction for days ahead.

"It wouldn't surprise me if gasoline got to $3.50 a gallon. The biggest problem is that area offshore of Louisiana and the Gulf area is a hub for the production of gasoline," Green says.

That is around a dollar more than today.

"If you don't have the supply to make the fuel to get it out to the customers, price is the only way to curb the demand," Green adds.

High demand  morning caused a few East Texas stations to run out of gas for a while. More demand causes higher prices, and even more pain.

"Even if the refineries in Louisiana are not hurt, it takes a while, a week to get back on," says Oravetz 

He hopes that there's no catastrophic refinery damage.

"I think by Friday and next Monday, we'll know and you can make a definite projection," he says of a projection on how long we'll all feel this storm.

We want to put this into perspective for those who would be hardest hit. 

For someone making minimum wage -- $5.15 an hour -- putting $3.50 gas into their 15-gallon tank would cost $53.50.

At minimum wage, that's about ten hours of work, before taxes.

Reported by Morgan Palmer. morganpalmer@kltv.com

 

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