While Hurricane Katrina is focusing its lusty, gusty attentions on the Big Easy (Jonno! Where art thou?), the rest of the US will likely feel the ol' girl's effects in the form of higher retail gas prices, according to Forbes. Here in New York, regular unleaded is already a wad of Bazooka gum short of $3.00 in most places, but will likely head higher here and elsewhere due to the closure of an important distribution hub on the Gulf of Mexico. While crude-oil futures hit $70 a barrel today, word that the President might release some of the country's strategic oil reserves eased the market tension somewhat. Next life, we're totally going into commodities, seriously.

Retail Gas Prices Set to Hit New Highs [Forbes]

Related:
Forbes on CAFE Standards: Let the Market Dictate

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