Sedona, Arizona (WiredPRNews.com) — With the coming of the hurricane season beginning June 1, it is predicted that this time, the hurricanes would be so threatening and rough that would cause major disruption in the pipelines of the United States. This devastation will further contribute negatively in the rising of gas prices even more than the 20% rise the previous year.
As reported by Don Luke, an analyst at MF Global energy, the hurricane can change the present condition of the market thereby making the prices of crude worsen. According to Peter Beutel, an analyst at the Cameron Hanover Beutel, if hurricanes like that of Katrina hit in the month of July, there are possibilities that the gas prices can rise to a staggering $5 or $6 per gallon. He also reports that a hurricane is the last thing that is needed by the market as losing the refining capacity cannot be afforded.
Some traders have already started sending the prices of gas and oil higher even a long time before the hurricane season because of the expectations of rise in the supplies. According to Phil Flynn, the traders have already increased the gas rates by five to ten percent each gallon as they are seeing the coming of the hurricane season.
But if there will be no hurricane in this season, people have to wait till November 30 to see if the gas prices are falling. The rise or decrease in gas prices cannot be predicted or estimated at this point of time and the people can only home and pray that hurricanes will avoid the coast of the nation so as to take a breath of relief.