Gasoline prices spike as Ike heads toward Texas (up almost $1.70/gallon)

[Newsjock]

Source: Associated Press

NEW YORK — Gasoline prices jumped to unprecedented levels in the wholesale markets Thursday as Hurricane Ike tore across the Gulf of Mexico, threatening to strike Texas and its refineries.

The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. That is up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said.

"We're looking at the highest wholesale prices ever for a huge swath of the country," he said. "People understand that regardless what happens with Ike, it's going to shut down the biggest refining cluster for a period of five, six, seven days."

The wholesale price of gasoline is what refineries charge retailers. Retailers then mark up those prices for the customer so they can make a profit — so if these wholesale prices hold, it could mean that pump prices for U.S. drivers easily break through the July 17 record of $4.114 a gallon.



Read more: http://www.mercurynews.com/breakingnews/ci_10436743

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Corrected link

[SpiralHawk]

1. Thanks a pantload, republicons

You and your republicon oil cronies have brought this upon America.

[MaineDem]

2. Link won't open for me

Does this mean the prices in Texas are up or prices everywhere?

[ElectricGrid]

3. bad link for me

[RaleighNCDUer]

4. Where was gas $3/gal? The lowest price I've seen in these parts

was $3.48, a week ago, and up to $3.52 yesterday.

[merwin]

6. Wholesale price, not retail.

[RaleighNCDUer]

7. Oh.

Duh.

:blush:

[uppityperson]

5. I went to mercurynews.com, on main page, try this link to article...

http://www.mercurynews.com/breakingnews/ci_10436743

[OwnedByFerrets]

8. I know this is rhetorical, but WTF happened to gouging laws????

[Roland99]

9. RBOB nationally is only $2.78/gal still. Up $0.10 - $0.12 so far today but well under $3.

[Tandalayo_Scheisskopf]

10. There is no reason for this. None.

Here are the present prices on the NYMEX:

CLV08.NYM Crude Oil Oct 08 102.23 12:38pm ET Down 0.35 (0.34%)
HOV08.NYM Heating Oil Oct 08 2.9292 12:38pm ET Up 0.0268 (0.92%)
NGV08.NYM Natural Gas Oct 08 7.363 12:38pm ET Down 0.03 (0.41%)
PNV08.NYM Propane Gas Oct 08 1.60 11:58am ET 0.00 (0.00%)
RBV08.NYM RBOB Gasoline Oct 08 2.782 12:38pm ET Up 0.1204 (4.52%)

One of the reasons Gasoline(RBOB) prices are well down is because of the plentiful stocks. This is clearly gouging.

It will be interesting to see if the Petroleum Industry Buttboys that run those states have the bottle to address this criminal activity. My guess is no, and they wil;l be re-elected for their inactivity.

[Uben]

11. $3.28/gal here in north Texas today.

I filled up and was surprised to see it down a bit (location:Murphy/Walmart)

[DemoTex]

12. Up almost 50-cents/gal in 4 hours here in upstate SC ($3.39 to $3.89)

And that was at low-cost "Pumpers." It was $4.01 at BP. I paid $3.34/gal at Costco (X 2 .. filled up both cars).

[Hun Joro]

13. Hmm. I was out and about today and it was $3.49.

I am in southern Brazoria county, one of the evacuation areas. Maybe in Houston it got this high? Not here.

Edited to add that it's been about that price for a week or so before the storm became a threat.

[craz3z]

14. Drill, Baby, Drill!

Yeah, that's the ticket.
:sarcasm:

[txwhitedove]

15. Paid $3.49/gal here in Houston this a.m. Many gas stations along the

highways were already running out of gas.

[Mari3333]

16. 3.96 here in a small michigan town

wtf