Ike putting some stank on Gas Prices

The last famous person named "Ike", of my own faded memory, would have to be Ike Turner, who was famous not only for his musical abilities but infamous for his temper with his wife Tina. Now, another Ike is becoming infamous for its temper, only this time it is in the form of Hurricane Ike that has ravaged Texas and the Gulf Coast.

When ever there are weather concerns, especially hurricanes, it seems to really affect the oil and gas industry. Many point out that reserves and refineries are either totally shut down or threatened, so preliminary supply demand panic usually means that consumers abound have to pay for what can be described as a worst case scenario. So it really was no surprise when gas prices shot up on Friday in the midst of Ike moving swiftly towards land, jumping up as much as 50 cents a gallon in some areas of the country.

Nationally, the storm is putting a damper on what had become a relative freefall in gas prices. Gasoline prices have declined 10.7%, or 43.9 cents, since July 17, when they were $4.114 a gallon. They’re down 11.2 cents in the past month, but up 86.7 cents from a year ago, according to CNN.

Some will say its just another excuse for greedy companies to gouge. Perhaps, but this also follows history. Whether right, wrong, or indifferent, dig deep, Americans. You're going to need it.

( Add your comments )

Recent Entries:
· 2011 Ford Explorer
· Honda Announces Mileage Marathon Winner
· Cadillac Converj is GM's next electric car

[ READER COMMENTS ]

Ike putting some stank on Gas Prices

Add your comments...

We kindly ask that you keep your comments relevant to this blog entry. Abusive or inappropriate comments or comments that are specifically promotional in nature may be removed.