Gas Prices Unlikely To Skyrocket As Oil Companies Assess Hurricane Ida Damage

Although oil companies are still assessing the damage at the oil rigs, platforms and refineries that were struck by Hurricane Ida, signs point toward a limited impact on gasoline availability and prices. AAA has warned of price volatility, and several analysts expect temporary price increases of several cents, but experts are not expecting a dramatic or prolonged disruption to the market. "This is not Katrina," says Richard Joswick, head of oil analytics at S&P Global Platts. After Hurricane Katrina made landfall — exactly 16 years earlier — gas prices immediately shot up by 45 cents and remained elevated for two months.