Gas Prices

By: Tim Skubick
By: Tim Skubick

Oil industry officials blame the recent spike in gasoline prices on a number of factors including that fact that five percent of the Gulf Coast refineries and 20 percent of the oil rigs in the Gulf of Mexico are still down as a result of Hurricane Katrina. And it’s unclear when they will be back online, but when that happens, you could see a dip in the price of gas.

At least that is what John Griffin, the lobbyist for the Associated Petroleum Industries of Michigan suggests. Having said that however, he warns there is some political unrest in Africa and South America that could result in less fuel oil in the future, and he says motorists show no signs of backing off on their demands, which could drive the price past $3 a gallon, although Griffin will not make that prediction.

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