Retail gasoline prices edged higher as Hurricane Ike gained strength, according to mpgstar, and AP
Created September 11, 2008, at 4:04 pm by drewstoyota
Retail gasoline prices rose modestly for the second day in a row Thursday as Hurricane Ike entered the Gulf of Mexico, according to a nationwide survey of gas station credit card swipes. But wholesale gas prices in the region soared.
As the storm churned toward the Texas coast, wholesale gas prices were up more than $1.50. On Wednesday, a gallon of gas cost $3.25 on the Gulf Coast wholesale market, and by Thursday afternoon, wholesale gas cost more than $4.75 a gallon, according to Tom Kloza, the chief oil analyst for Oil Price Information Service, an independent publisher that follows wholesale and retail fuel prices in North America.
"They are absolutely going ballistic in the Gulf Coast," said Kloza, and the pricing is based on fear of Ike shuttering refineries.
DO YOU THINK THIS IS TRUE, OR IS IT JUST A PUMP-UP FOR PROFIT??
IF IKE DOES NO DAMAGE, HOW LONG WILL IT TAKE TO ADJUST GAS PRICES BACK DOWN?
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I THINK ITS A CONCERN, BUT PROFIT IS A BIGGER REASON.
I AGREE, WE CAN'T TRUST WHAT OIL COMPANIES SAY, THEY WANT PROFITS, AND HAVE MADE THAT VERY CLEAR!
I think its sad that they don't have some way to protect the equipment with as much profit as they make. Mabe they should take some profit, and protect the assets.
I think this is mainly because of supply and the transport dilemma. But the main reason is all about profit. This is the time that there should be some regulations in the energy market.
I think that it's just a pump-up for profit. Just as with the hurricane before this one. It's a classic case of price gauging!
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