’70s-style gasoline crisis possible, Senate told

The bad news: Gasoline prices will be high all summer.

The good news: Supplies will be adequate.

The scary news: A strong hurricane in the Gulf of Mexico could knock out refineries and quickly send pump prices soaring.

“We are one major incident away from a 1970s-style gasoline crisis,” Paul Sankey, an oil analyst, warned the Senate Energy Committee yesterday.