Many Denver-area gasoline stations held the line on prices Tuesday in the face of record- high crude-oil costs stemming from Hurricane Katrina.
A spot survey of metro stations by AAA Colorado showed that about 60 percent had not raised prices from Monday to Tuesday, maintaining an average of $2.60 a gallon for self-service regular.
The remaining stations in the survey increased prices between 5 cents and 10 cents a gallon, said AAA spokeswoman Mary Greer.
Greer said she could not confirm isolated reports of Denver- area gas stations running out of fuel.
The hurricane forced numerous oil refineries and production platforms along the Gulf Coast to suspend operations.
Damage reports still were incomplete Tuesday, leading analysts to speculate that resumption of oil and gas production and petroleum refining could take anywhere from days to weeks.
Energy companies scrambled planes and helicopters to get an aerial view of their assets, and they began escorting some previously evacuated workers back to offshore facilities to conduct detailed inspections of rigs and underwater pipes. Some producers found that rigs or platforms had disappeared, drifted or listed, while others reported that damage appeared minimal.
Volatile energy markets responded to the uncertainty by sending crude-oil prices briefly over the $70 mark before closing Tuesday at a record high of $69.81 a barrel on the New York Mercantile Exchange.
In wholesale markets on the Gulf Coast, some gasoline was being priced as high as $2.85 a gallon. In the Midwest, prices were as high as $2.65.
Retail prices are typically 60 cents higher, meaning motorists in these regions could pay more than $3 a gallon at the pump.
“But I don’t think we’re going to see $3 gasoline in the Denver marketplace,” said Gene Peppin, owner of a Shell station at West 96th Avenue and Federal Boulevard. “I don’t think (hurricane-related disruptions) are as bad as they originally thought they were.”
Nonetheless, Peppin passed on a 10- cent-a-gallon increase he received Tuesday from his wholesale supplier, boosting his price for regular to $2.70.
He said local prices might rise another 10 cents this week before decreasing after the Labor Day weekend, signaling the end of the peak summer driving season.
The Associated Press contributed to this report.
Staff writer Steve Raabe can be reached at 303-820-1948 or sraabe@denverpost.com.
