Good Morning America

Sept. 22, 2005 —
Hurricane Katrina sent gas prices — which were already very high — soaring even higher. Now Hurricane Rita is bearing down on the beleaguered Gulf Coast. "Good Morning America" financial contributor Mellody Hobson talked about what that could mean for gas and oil prices.
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What Does It Mean for Gas and Oil Prices?
Hurricane Rita could drive gas back over $3 a gallon. The basic rule of thumb is that for every one dollar increase in the price of a barrel of oil, you will pay an extra 2.5 cents at the pump. A week after Katrina, the national retail price for regular unleaded gasoline jumped 46 cents to hit a record high of $3.07 a gallon. Currently, gas is down a bit to $2.79 a gallon. A direct hit by Rita would send gas soaring again over the $3 mark.
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Check with your utility for lower natural gas prices.
If you use natural gas, in some regions there are what they call residential choice programs — where major utilities are required by law to let you know about competitors' prices. Your utility continues to deliver the gas to you, but you pay the lower price to the supplier. So check online with your local utility. You may find information there about a provider that offers a fixed price for natural gas which would "insulate" you from fluctuations in the market price.
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