With Hurricane Rita bearing down on the gulf coast, money.com is reporting that gas prices may spike to $5 a gallon.
The near-term problem isn’t that there is a lack of oil being produced, but a lack of oil refining capability. Hurricane Katrina damaged this capability in Louisiana and Mississippi and Hurricane Rita looks like it may do the same to Houston, Galveston and Port Arthur, Texas if it hits that area
The article also notes it could be a long and expensive winter. Natural gas and heating oil prices could also rise considerably.
Those that are looking for ways to reduce the amount of gas they use can check out these 35 Gas Saving Tips. For those looking to reduce their heating...