Katrina, Rita: Who Will Pay?

(CBS)  Although the toll on people of Hurricane Katrina and, to a lesser extent, Hurricane Rita, is the most immediate concern in the minds of Americans, the long-term economic impact isn't far behind.

CBS News Correspondent Anthony Mason reports the oil industry will be feeling the repercussions for months, and the ripple effect will reach into everyone's pocketbooks.

And CBS News Correspondent Joie Chen notes that politicians in Washington are already posturing over the best way to foot the bill for the massive rebuilding costs.

As Rita roared ashore, Mason says, the Gulf Coast oil industry was fearing a knockout punch.

Instead, says John Kingston, the chief oil analyst for Alaron Trading, "so the more damage you pile on, the further back goes the recovery process, and the longer that goes, the longer high prices stay around."

Katrina and Rita helped introduce us to $3 a gallon gas, Mason says. And, as storm winds die down, those prices may fall a bit, too. But this problem won't blow over when the hurricane season ends.

The oil fields and refineries may have dodged a bullet, he concludes, but we will have to bite the bullet and keep paying up at the pump.

And, reports Chen, the nation as a whole will keep forking over funds, as well.

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