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Hurricane Ike Responsible For Huge Overnight Jump In Local Gas Prices

Fri, Sep 12, 2008

Consumer Alerts, Gas Prices

Hurricane Ike Forces Gas Prices Up On Anticipated Damage To RefineriesHurricane Ike is set to slam into the Gulf Coast of Texas in a short while, and it’s directly impacting Sumner County–not just because of the rain we’re sure to get in about three days either.

Last night’s cheapest gas in the area was $3.46.  This morning, it’s up to $3.69.  That’s more than a 20 cent jump in 24 hours.

And you can blame Ike.

Seems that a good portion of our nation’s oil refineries (that turn crude oil into usable gasoline) are located on the Gulf Coast.  And the impending damage is expected to affect production.

Isn’t it funny that expected damage can spike the prices up before that damage has a chance to take place?  Isn’t it also funny how prices go up at the mere mention of a rise in the price of oil or a national disaster… but prices take a LOT longer to fall?

Anyway, I would fill up today… right now, in fact… even if you’re tank’s not empty just yet.  Chances are tomorrow’s prices will be even higher, and it might be a while before they drop again.

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