Hurricane Ike and gas prices

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Hurricane Ike has caused immense damage and hardship in the Gulf coast. 25% of the US refining capacity is in this area and most of this capacity is shut down and will take weeks if not months to come up. Despite crude oil prices being relatively low at about 100$ a barrel gas prices have jumped all over the US and may be back at 4$ per gallon and even 5$ per gallon. Apparently the wholesalers of gas have increased prices and retailers are doing likewise. In some parts, gas prices changed upwards as folks were in line to fill up. Ike was being predicted for some time and the refineries were shut down Friday. Could better supply chain co-ordination between refiners,wholesalers and retailers reduced this latest price increase? Perhaps…

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