Got a bit of a shock this evening. When I went out around six, gas prices at the local station was 135.9. On my way home I saw it at 148.9. What in Satans left trouser leg is going on?
Hurricane Ike is now downgraded to a 'Tropical Storm' but there are still rumours of widespread damage in Galveston. There also seems to be a panic over the 14 refineries and two strategic reserve sites that were temporarily closed by the storm driving prices through the roof. According to Bloomberg, crude is still roughly the same with the WTI spot up at just over $101 a barrel, but Brent Crude down below that at a shade over $95. Here's a screenshot of Bloomberg.com updated 14:00 New York time today.
No doubt it will take another three or four months for the price to drift down to a half way reasonable level. Someone is playing monopoly with the Gas prices. I wish they'd stop.