Wholesale gasoline prices in the U.S. Gulf topped $5 a gallon on Thursday as the region's oil refineries began closing down ahead of Hurricane Ike, adding to fears that U.S. drivers could see pump prices rise again.
Prompt spot gasoline prices in the U.S. Gulf traded at a record $2.50 a gallon over their gasoline futures benchmark, which itself traded as high as $2.83 a gallon in active trade on the NYMEX exchange, putting the price tag on a wholesale gallon of gasoline as high as $5.32 per gallon.
"The worst-case scenario for the hurricane season is what we're looking at with Ike," said Chris Jarvis, senior analyst with Caprock Risk Management.
source
My thoughts: Supply and demand. Those who continue to scream price gouging are wrong.
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