Economics Professor: Mississippi Flooding Could Keep Gas Prices High

Drivers who happened upon one gas station in the east got a chance at one of the lower prices per gallon.

The Marathon gas station in Kinston was selling the precious commodity for $3.68 a cents a gallon Wednesday. The pumps were busy at work keeping up with the demand. According to AAA, the national gas price average is $3.92 cents. Those fueling up were pleased with the drop--but hope for more. One expert says a drop to $3.65 cents could be possible, but the flooding in Mississippi could hamper that.

"It's approaching a lot of the nations refining capacity and it could cause either a disruption of refining or an isolation of the refineries from the distribution system-and both of those things will keep the price of gasoline high. " said economics professor Dr. Richard Ericson.

Gas prices in the Greenville area ranged from $3.77 to $3.84.

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  • by Shameful on May 19, 2011 at 11:59 AM
    Guess who the big oil companies have on their payrolls? Oil Lobby Contributions To House Members Yield Results...
  • by Anonymous on May 19, 2011 at 08:00 AM
    God is punishing us with one disaster after another being stupid americans voted the Schleprock in the now outhouse.Once again,stupid americans!
    • reply
      by Anonymous on May 19, 2011 at 11:22 AM in reply to
      Well spoken from someone who voted for Bush for two terms.
      • reply
        by Anonymous on May 19, 2011 at 01:06 PM in reply to
        TWO prosperous terms!
      • reply
        by Anonymous on May 19, 2011 at 01:09 PM in reply to
        Truthfully I did not vote either of those years.I was busy WORKING!Unlike now.
        • reply
          by Anonymous on May 19, 2011 at 04:43 PM in reply to
          Well you don't need to complain.
  • by Obama Snake Oil Co Location: Washington on May 19, 2011 at 07:46 AM
    Jerry, having looked into this...big oil can only make an 8% profit period. That goes to their shareholders or peoples 401Ks...I would love to go after them...however, they have already been gone after and they survive the audits. The supply. Most of our oil comes from the gulf but that is the only place we drill in. So all of our eggs are in the same basket for now. We have plenty of places to drill yet we have a moritorium on drilling. Even the senate put garbage on the drilling off Va and Alaska, it didn't pass. So we have politics and environmentalist, that use the same oil we do for cars and homes playing games.....
    • reply
      by Repub-a-gas $5.00 on May 19, 2011 at 11:21 AM in reply to Obama Snake Oil Co
      Despite consistently spouting rhetoric that would lead you to believe that the GOP was all about slashing government spending, they've certainly repeated the mantra often enough to make folks assume they were serious about it, however they don't seem to be too keen on cutting back on the amount of cash the government hands over to the oil companies. The GOP has already voted 7 times this year to uphold such policies, effectively costing the taxpayers billions dollars in order to keep oil companies happy.
      • reply
        by OSOC on May 19, 2011 at 12:25 PM in reply to Repub-a-gas $5.00
        Let me explain another detail to you...those billions taxpayer dollars...OK we will take the 3 billion subsidy off, kill it they are on their own. They add 3 billion onto our gas bills. They still make 8% profit. Ever heard of Jimmy Carter? He had to learn this lesson too. Sorry, Obama owns this problem with his drilling moritorium...all he has to do is repeal it, poof, gone. Nice try though.
      • reply
        by jerry on May 19, 2011 at 12:43 PM in reply to Repub-a-gas $5.00
        It`s a catch-22. If the tax breaks are stopped, the oil crooks will simply force us to pay enough at the pump to more than make the difference. And I trust all politicians until they open their pie-hole.
    • reply
      by jerry on May 19, 2011 at 12:33 PM in reply to Obama Snake Oil Co
      And who would do all this drilling even if it had passed? The same vultures that are doing it now! There would be the same speculators, investors and politicians that are in the pockets of big oil. Oh, and don`t forget the ceo`s of these companies and their millions in salaries and bone-us packages. I don`t believe pump prices would drop any at all.
      • reply
        by Obama Snake Oil co on May 19, 2011 at 04:20 PM in reply to jerry
        Then you forgot what Bush did in 07 when the mere mention of drilling in Anwar.....led to $1.61 and the speculators took a hit. They got stuck with 120 dollar barrel when it fell to 33 a barrel. That is what I am for.
        • reply
          by W hat ? on May 19, 2011 at 04:58 PM in reply to Obama Snake Oil co
          That's NOT why gas prices dropped. The Energy Information Administration, which is the Energy Department's independent analytical arm, estimated that if Congress had cleared Bush's ANWR drilling plan the oil would have been available to refiners in 2011, but only at a small volume of 40,000 barrels a day -- a drop in the bucket compared with the 20.6 million barrels the U.S. consumes daily. So you want us to believe, adding 40,000 barrels a day, 4 years from the day he suggested it, made the fuel prices drop immediately? President Bush's claim ignores the primary causes behind record high oil prices: a cheap dollar, high demand from China and India, and speculators driving the price up. Drilling and sullying the Arctic would not address any of these causes of high oil prices.
        • reply
          by Obama Snake Oil Co on May 20, 2011 at 07:49 AM in reply to Obama Snake Oil co
          What? I am not saying there were not other factors, however, the specualators got out. They were the ones buying and resale. I agree China and India were involved, but is the market "hears" the US will start producing our own energy...the cut the prices to keep us from drilling. Its an up and down cycle. You can find the timeline vs the price of oil and when Bush made the announcement. He was saying if you don't come down, we will be forced to produce our own...
  • by verysoreloser Location: tampa, fl on May 19, 2011 at 07:43 AM
    They need to send all of the investor riffraff in the oil/gas futures commodity markets down the river and gas will drop immediately. That's the only issue currently. Supply is high, demand is low. Investors are just acting on sentiment that the stock market is expected to go higher and take oil prices higher also. They can't help themselves. Meanwhile, nobody can afford to take their kids to soccer practice. No jobs, housing or general recovery until this issue is resolved.
  • by jerry Location: enc on May 19, 2011 at 05:31 AM
    This is nothing more than the oil thugs up to their same old-same old, robbing us blind right in our face, and since they own anyone that could do anything about it, we will pay or walk.
  • by Kane on May 19, 2011 at 04:40 AM
    What a load of garbage. Build more refineries. Please!
  • by TC Location: ENC on May 19, 2011 at 04:36 AM
    If a seagull farts over the gulf they will raise the price of gas.
  • by omg so tired on May 19, 2011 at 04:25 AM
    I think we are all pretty tired of all the excuses for high gas prices. Honestly everytime there's one excuse removed they find another one. Wake up america!!!
    • reply
      by 250 on May 19, 2011 at 05:39 PM in reply to omg so tired
      Just in time for the "hurricanes" to start slipping into the gulf as a fresh excuse.
  • by Anonymous on May 19, 2011 at 04:10 AM
    Maybe John McCain was right after all. Drill baby drill.
  • by Wally B on May 19, 2011 at 04:05 AM
    Any excuse to milk the economy. And they insist on tax breaks even though they post record profits. What does big oil CEOs make per year including bonuses?
    • reply
      by Obama Snake Oil Co on May 19, 2011 at 05:37 AM in reply to Wally B
      Just a thought here. Are the tax breaks for not drilling? That will make you blood boil knowing Obama promised to make us self sufficient in his first two years in office.
      • reply
        by Drilling propaganda on May 19, 2011 at 07:26 AM in reply to Obama Snake Oil Co
        More drilling propaganda from the OSOC? Figures. Do we remember why the drilling restrictions were put in place? That little ole spill in the Gulf? Drilling is not the answer to all our problems, especially when we consider the lax industry before the oil spill. But, I guess he needs to bash Obama for something.... while oil companies make a killing...... literally, and figuratively.
      • reply
        by Wally B on May 19, 2011 at 11:15 AM in reply to Obama Snake Oil Co
        He will never get anything done about Big Oil as long as the Republicans keep blocking bills not in support of the Oil Companies.
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