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COPYRIGHT 2005 The Dallas Morning News
Aug. 31--Drivers can brace for price spikes at the pump as the effects of Hurricane Katrina spread through the market, setting the stage for most gas stations nationwide to cross the $3-a-gallon mark next month.
Gasoline futures, a reflection of wholesale prices, soared more than 40 cents a gallon Tuesday as reports of damage at Gulf Coast refineries trickled in.
It was the biggest spike ever in gasoline markets. Even in percentage terms, such a large one-day surge hasn't been seen since supply shortages from the 1979 Iranian revolution and 1973 Arab oil embargo.
"This is the price shock of a generation," said Tom Kloza, director of the Oil Price Information Service. "You're going...
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