Gas Prices Unlikely To Skyrocket As Oil Companies Assess Hurricane Ida Damage
The massive storm hit near the heart of Gulf oil production and refining, which will affect prices for a few weeks. But nobody expects the kind of price spike the U.S. saw after Hurricane Katrina.
Although oil companies are still assessing the damage at the oil rigs, platforms and refineries that were struck by Hurricane Ida, signs point toward a limited impact on gasoline availability and prices.
AAA has warned of price volatility, and several analysts expect temporary price increases of several cents, but experts are not expecting a dramatic or prolonged disruption to the market.
"This is not Katrina," says Richard Joswick, head of oil analytics at S&P Global Platts. After Hurricane Katrina made landfall — exactly 16 years earlier — gas
