Gas Prices Spike, Should Go Back Down

Hurricane Ike headed right to the heart of the U.S. oil-refining industry, but by most early reports it didn’t cause as much damage to the country’s gasoline infrastructure as was originally predicted. That hasn’t stopped gas prices from shooting up over the weekend to a national average of $3.84 this morning.

Even with limited damage, refineries have still been shut down for the entire weekend and into this week, limiting the national supply of gas. Some analysts are saying there could be shortages in certain areas, but that they shouldn’t last long.

The rapid escalation in prices was the steepest spike since Hurricane Katrina and Hurricane Rita.   

Pump prices soar after Ike (USA Today)