SLO County News BlogGolf, Wine, Real Estate, Business & Travel NewsSLO Gas Prices Rise FastFriday, September 02, 2005Prices at the pump in San Luis Obispo County jumped to more than $3 a gallon as the impact of Hurricane Katrina hit gas tanks and pocketbooks nationwide.Hurricane Katrina ripped through the Gulf Coast this week, leaving eight refineries out of service. Industry officials and analysts said flooding may have left some important refinery equipment submerged, and it will be days before a full damage assessment is completed. Crude oil prices remained close to $69 a barrel Wednesday, down from an overnight high of $70.65 on Monday. On Tuesday, oil futures had settled at $69.81, the highest closing price on the New York Mercantile Exchange since trading begin in 1983, although still below the inflation-adjusted high of about $90 a barrel that was set in 1980. Government officials announced they would release oil from reserves, but the action isn't expected to affect soaring gasoline prices, which hit record highs in California and in SLO County. Just how bad the situation becomes for motorists depends on how quickly electricity can be restored to the Gulf Coast pipelines and refineries. The average price of unleaded gasoline in San Luis Obispo County was recorded Wednesday at $2.906 a gallon, higher than the state's average of $2.844 a gallon. The national average for unleaded gasoline was $2.619 a gallon. California's prices are higher because of a special blend of gasoline used to keep the air clean. Gas costs in San Luis Obispo County are higher than in other areas of the state in part because of less competition here, she said. Read More
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