Gas prices up as Gustav threatens Gulf refineries

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Gas prices move higher as Gustav spins toward Gulf refineries; crude rebounds

Retail gas prices swung higher Friday -- the first increase in 43 days -- as analysts warned that a direct hit on U.S. energy infrastructure by Hurricane Gustav could send pump prices hurtling toward $5 a gallon.

Meanwhile, oil prices ended the day slightly lower, falling for a second straight session. But prices fluctuated sharply as some traders feared supply disruptions and others bet the government will release supplies from the Strategic Petroleum Reserve if Gustav wreaks havoc in the Gulf of Mexico area -- home to a quarter of U.S. crude supplies and 40 percent of refining capacity.

Gustav, which regained hurricane strength Friday, was spinning away from Jamaica on a course toward Gulf Coast states including Louisiana -- three years to the day since Hurricane Katrina slammed into the state and tore up oil rigs and refineries.

Fears of another monster storm have sent wholesale gasoline prices shooting up in the Gulf region, forcing filling stations to pass on the costs by raising pump prices ahead of Labor Day weekend.

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原帖由 無法笑 於 2008-8-30 02:17 PM 發表
Gas prices move higher as Gustav spins toward Gulf refineries; crude rebounds

Retail gas prices swung higher Friday -- the first increase in 43 days -- as analysts warned that a direct hit on ...

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