Ike Causes Gas Price Increase

By: Associated Press
By: Associated Press

The wholesale price for gasoline produced on the Gulf Coast has jumped about 30 percent as Hurricane Ike churns toward Texas.

The area is home to massive petroleum refining infrastructure.
The wholesale price for a gallon of gasoline rose about $1 to $4.25 today -- topping the high price five years ago when hurricanes Katrina and Rita raked the Gulf Coast.

The Associated Press reports the spike will almost certainly
lead to high pump prices for consumers.

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