As a result of hurricane katrina there were breaches

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: llon for gasoline. Then, in the early morning of August 29, 2005, Hurricane Katrina hit the United States and devastated much of the area of the Gulf Coast from New Orleans, Louisiana, to Mobile, Alabama. As a result of Hurricane Katrina, there were breaches in the levee system on the New Orleans side of Lake Pontchartrain, which led to massive flooding and an evacuation of New Orleans. Just weeks later, Hurricane Rita hit the Gulf Coast area near Galveston, Texas. Hurricane Rita was not as devastating as Katrina, but many of the oil refineries along the coast spike in gas prices is adding $100 to $200 a month to the amount of money they have to spend. That is a lot of money. What am I supposed to do? After all I have to do a lot of driving in my job. What do I do, buy less food for my family? My daughter needs braces badly. Does she go without braces? I think the federal government should impose a price ceiling for gas. Maybe the ceiling should be set at 20 cents or 30 cents more than the price used to be, so the oil companies can make some money. But there is no need to let the oil companies gouge us by tacking on 70 cents or $1 more in just one week’s time. Did you see the article in the paper this week about one of the oil company’s record profits? Don’t get me wrong. I don’t usually favor government controls. But sometimes I think they are necessary. Why should some people have so much when they are just taking from others? were put out of commission by the hurricane, further reducing the supply of fuels such as gasoline. Winifred Smith, Economics teacher at Jefferson High School People demanded that something be done. It became common to hear people arguing for price ceilings on gas, on certain food items, and on water. In response, some people argued against price ceilings. Here is what a few people had to say as they discussed the day’s news events at their local coffee shop one morning. Gilberto Vasquez, marketing manager of a fast-food chain asoline prices have risen nearly 70 cents in just the la...
View Full Document

This document was uploaded on 01/16/2014.

Ask a homework question - tutors are online