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Gas Prices Spike As Ike Slams Coast

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Sep 13, 2008 12:02 pm US/Pacific

Gas Prices Spike As Ike Slams Coast

HOUSTON (AP) ― Hurricane Ike has sent gas prices soaring.

Auto club AAA says the cost of gas nationwide is up nearly 6 cents a gallon from yesterday to $3.73.

AAA fuel price analyst Geoff Sundstrom says Ike has disrupted supply, and the country is facing a temporary shortage in wholesale gasoline.

Refineries in the Gulf of Mexico may remain shut-in for days, even if they sustained no serious wind damage or flooding.

The parent company of the New York Mercantile Exchange says a crucial natural gas pipeline has been shut down.

Valero's refineries at Houston, Texas City and Port Arthur are shut down, and all three have lost power.

Refineries along the upper Texas Gulf Coast account for about one-fifth of the nation's refining capacity.

President Bush says officials are keeping tabs on the gasoline crisis so consumers are not gouged at the pump.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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