On the Radar: Gas prices; town awaits flood; nuclear accident compensation
A Chicago BP station advertises regular gas for $4.799 a gallon earlier this month.
May 13th, 2011
07:55 AM ET

On the Radar: Gas prices; town awaits flood; nuclear accident compensation

Gas prices: The national average price of a gallon of regular gas dropped two-tenths of a cent overnight to $3.982, according to the AAA Daily Fuel Gauge Report.

The average price is virtually unchanged from a week ago and is about 13 cents below the record average price of $4.114, recorded on July 17, 2008.

But analysts fear pump prices could rise as Mississippi River floodwaters move downriver toward New Orleans.

"When we've had floodwaters in this part of Louisiana before, it has closed up to 12 refineries," Peter Beutel, an analyst with energy risk management firm Cameron Hanover, told CNNMoney. "The fear here is that we could see refineries close again." Beutel was referring to the impact of Hurricane Katrina in 2005.

How much of your paycheck is going to pay for gas? Check out CNNMoney's state-by-state look.

Town waits for flood: The small town of Butte La Rose, Louisiana, is waiting to learn if the Army Corps of Engineers will open the Morganza Spillway to let waters from the swollen Mississippi River into the community of 800 homes.

Hundreds of people heard a dire prediction from Col. Ed Fleming of the Army Corps of Engineers at the town's firehouse.

"I'm telling you the depth of water from right here will be 15 feet," he told them.

Read what CNN's Ed Lavandera found in the Cajun community.

Nuclear accident compensation: Japan's government has announced that victims of the Fukushima Daiichi nuclear plant accident will be getting financial compensation.

Some analysts say total compensation could amount to more than 10 trillion yen ($124 billion).

More than 78,000 people have been displaced by the disaster. The plant's operator, Tokyo Electric Power, has made a down payment on compensation of 1 million yen (about $12,000) per household to some families.

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Filed under: 2011 tsunami • Economy • Energy • Japan • Louisiana • Natural Disasters
soundoff (9 Responses)
  1. Greg

    You have to change the conversation – we are talking about PROFITS – that's how much they made AFTER they paid all their costs of production and marketing,including the cost of their ads touting how they are American Co's, and we all own them if we one any stock, and they produce jobs. They didn't sell more gas, they just charged more for it. The question to ask is how do they set the price of oil and gas. Their answer will be 'the marketplace' – but they are, in effect, a monoply that controls the price of oil, the productionn of gas and its price to consumers.

    May 13, 2011 at 9:39 am | Report abuse |
  2. banasy

    Two of the events profiled above caused gas prices to rise, the third topic of today's On The Radar.

    If a bee lands on a rose, gas prices will rise. If Charlie Sheen yells "Duh. Winning!" Gas prices will rise. Even when the price of crude goes down, gas prices *still* rise. The price of crude could be $50./barrel, and gas would still rise. As would the bonuses of the CEO's. Bleh!

    May 13, 2011 at 9:44 am | Report abuse |
  3. Charlie

    As long as I've got my two goddesses, I'm alway WINNING!

    May 13, 2011 at 9:56 am | Report abuse |
  4. dan smith

    Any excuse they have for raising prices,they'll use. Funny how the price of oil went down a couple of days ago,but where I live gas went up ten cents a gallon,how does that work?

    May 13, 2011 at 10:52 am | Report abuse |
  5. CarolynPlemmons

    Exxon receives billions of $$ free from our federal government, without paying taxes. You, sir, pay more taxes than does wealthy Exxon. Google Bernie Sander's top ten freeloaders to see how big corporations receive their welfare checks from the federal gov't.

    May 13, 2011 at 11:08 am | Report abuse |
  6. Frank Stank - (D - Uranus)

    Attention People Of Planet Earth!

    The planet Uranus has been closely monitoring your energy problems. We have a solution that will stop your reliance on oil which will stop your ignorant wars before you all kill each other.

    Set your clocks to BUTT (Bottom Uranus Transit Time). At exactly 11:59pm (BUTT), everyone on the planet fart or belch in unison. Our spaceships will be ready and will collect all the released gas. We will then covert it into usuable fuel to power your Hummers.

    People of Earth, Uranus is here to save you!

    May 13, 2011 at 11:35 am | Report abuse |
  7. Tyrone


    Under Democrat President Obama the Republican rhetoric has been accusing President Obama with “out of control spending! The Federal Government is out of control repeated over and over by Republicans! Only if you lived on Mars or you are Republican. Do you believe that lie! 1.5 trillion dollars have been spent by the Obama’s administration! To stop the recession and to save the automobile industry! 22 MILLION jobs lost under the Bush administration! Many OVERSEA! That the mess Republican create in America! Under former Republican President G.W. Bush 13 trillion dollar debt was receive by President Obama from Bush! Bush’s spending was out of control and not beneficial to America! In fact Bush left office facing a recession two wars and a prescription plan. ALL NOT PAID FOR! Bush also deregulated the oil company that has led to oil company screwing the country! There was no Tea Party there was no Rush Limbaugh stating he wanted Bush and the country to fail!. Know 7 days a week criticism of Bush by Bill O’Reilly, Glenn Beck. Nor the quitter Sarah Palin! Criticizing G.W. Bush every move! The Bush tax cut gave the rich and super rich tax cuts. They didn’t need! Many Republican believe in the rich saving the economy. WRONG! The rich and the super rich say THANK YOU SUCKER! They been saying that from the days of Reagan. Republican Governor Chris Christie of New Jersey is doing the same! So far he lost NJ 400 million dollars in federal money! Stop a project that would have create 40,000 jobs! Attack and cut teachers union firefighters and police officers! Kindergarten programs and daycare on the chopping block! This must excite Republicans because they want Christie to run for President! The first thing Christie did was hire is buddy in $90,000 and $130,000 jobs! Under the former Governor there where 17 in that yearly range! Under Christie 33 in that range!

    May 13, 2011 at 1:38 pm | Report abuse |
  8. kerry11w

    One reason after another as to why gas prices keep going up along with the price of food; toll roads; parking; entertainment venues. Should people boycott? For how long? We the people ought to speak out. For money saving tip at the gas pump see http://tiny.cc/ppk1j and around the home http://tiny.cc/q2ve2

    May 13, 2011 at 8:06 pm | Report abuse |
  9. Observer1290

    Is Obama a liar or just criminally insane?


    May 30, 2011 at 1:18 pm | Report abuse |