Gas prices weathering Gustav – so far

Average price of gas nationwide dips slightly on Monday; oil plunges in trading, gas futures also drop; Gustav damage not yet known.

NEW YORK (CNNMoney.com) — Now that Hurricane Gustav has made landfall, energy analysts say that the fate of gas prices in coming days could hinge on possible damage to the area’s dozens of refineries that turn crude into gasoline.

Gas prices could decline following Monday’s plunge in oil prices and gas futures. But the extent of the damage from Hurricane Gustav remains to be seen.

The U.S. Department of Energy said Monday that 12 refineries have shut down and 10 have reduced their output.

CNN Money