Gas Prices Stabilizing After Post-Katrina Spike

9-9-05 - There are signs that retail gasoline prices are stabilizing in Texas after skyrocketing in the wake of Hurricane Katrina, according to a weekly AAA Texas gasoline price survey released Friday.

Regular self-serve gasoline averaged $2.94 per gallon, up 31 cents from the week before and $1.91 a gallon higher than last year's average, according to the survey.

The price spike resulted from several refinery and oil pipeline shutdowns because of the hurricane, said AAA Texas spokeswoman Rose Rougeau.

"However, we've seen prices begin to level out in many Texas communities during the past two days, so we may have seen the peak," she said in the survey statement.

The national average for regular self-serve gasoline at the pump Friday was $3.03 per gallon, up 35 cents from last week.