Tom Kloza, chief oil analyst for the Oil Price Information Service, commented that “Nationally you might see a dead-cat bounce in prices this week because of fears that flooding could inundate some southern refineries.” However, Kloza also added that “it would take a flood of biblical proportions to take the national average past $4 a gallon.”
Some analysts believed that the 15% drop in oil prices last week was a precursor for a drop in retail gasoline, but other analysts started to hedge their bets after the recent rebound in oil prices.
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Max Chen contributed to this article.