Gas to remain scarce, high-priced for weeks

Gas became such a high-value commodity Monday in Baton Rouge, even the most expensive gas stations were selling out of regular and premium before evening set in. LaRouge Mart on Jefferson Highway, which is listed at GasBuddy.com as selling regular gas at $3.89 over the last 48 hours, says it ran out of regular fuel by 4 p.m. The premium tapped out by 5 p.m. Lines at gas stations were commonplace throughout Baton Rouge Monday and remain so this morning. “We saw this four years ago, with [Hurricane] Gustav,” says Gregg Laskoski, a senior petroleum analyst at GasBuddy.com who is based in Tampa Bay, Fla. Exacerbating the problem, Laskoski says, is consumer panic. Buyers are topping off tanks and parking the car in the driveway—where it might sit for the duration of the storm. The average price of gas in Louisiana rose from $3.60 on Sunday to $3.65 today, Laskoski says. “I think they’re going to increase because of disruptions to the supply side,” Laskoski says. Refineries in the path of Isaac are shutting down, he notes, and could take one or two weeks to restart production after the storm passes. “It’s not like flicking a switch,” Laskoski says of the workings of a refinery. While many states, including Louisiana, have laws set against price gouging during an official state of emergency, Laskoski says it’s difficult for authorities to determine if gouging is taking place when prices reflect demand. The analyst says gas will likely remain in high demand for the next two weeks. —Adam Pearson