Hurricane Katrina has potential to raise gas prices on Long Island
The price of gas is on the rise again, but this time it could push Long Island into a recession.
Almost one-third of the nation?s domestic oil is produced in the Gulf of Mexico, but it is uncertain how much storm damage Hurricane Katrina will do to the offshore oil production.
Senator Charles Schumer (D-NY) is urging President Bush to release some oil from the government?s supply of nearly 700 million barrels of petroleum reserves. One economist says if gas hits $4 a gallon, Long Island could be thrown into recession.
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