HOUSTON (AP) -- The wholesale price for gasoline produced on the Gulf Coast has jumped about 30 percent as Hurricane Ike churns toward Texas and its massive petroleum refining infrastructure.
The wholesale price for a gallon of gasoline rose about $1 to $4.25 Thursday, topping the high price five years ago when hurricanes Katrina and Rita raked the Gulf Coast, said Tom Kloza, publisher of the Oil Price Information Service in Wall, N.J.
"It's pure panic," Kloza said. "It's related to the fact that there are worries about whether there's going to be enough (gasoline) in the distribution system to satisfy some of the September pumping needs on the Gulf Coast."
The spike will almost certainly lead to high pump prices for consumers.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.