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Hurricane Ida may push gas prices even higher

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Hurricane Ida's direct hit on the nation's oil and gasoline industry could send gas prices higher, exacerbating inflation that's already hurting American consumers.

But how much prices will increase, and for how long, will depend on the extent of the damage. The storm hit Louisiana and the Gulf Coast on Sunday, killing at least one person and knocking out power for more than 1 million customers.

Most of the major refineries in the region are shuttered or running at reduced rates, Kloza said, with with no word yet when they'll be back to normal. Although the flow of oil from offshore platforms and rigs was expected to return to normal within a few days flooding or prolonged power outages could keep the refineries and pipelines offline, which could also push gasoline prices up, Kloza said.

But that kind of spike is a worst-case scenario. In 2005, many refineries in the region were flooded and without power for months, Kloza said.

 

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