Expect to Pay More at the Pumps

Hurricane Katrina may have hit hundreds of miles away, but it's effects may soon be felt right here at home especially at the gas pump. The powerful storm knocked out one of the largest offshore import terminals off the Louisiana coast. Oil experts say the terminal produces 1.9 million barrels of oil a day. Several refineries, which provide the Carolinas with gasoline, were also shut down because of the storm. We talked to an economics professor from East Carolina University who says expect to see a spike in the price of gasoline, maybe as much as 20 cents a gallon. There is no word yet on when the increase at the pumps will take place.