NEW YORK (AP) — Gasoline prices jumped to unprecedented levels in the wholesale markets today as Hurricane Ike tore across the Gulf of Mexico, threatening to strike Texas and its refineries.
The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast today, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. That is up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said.
“We’re looking at the highest wholesale prices ever for a huge swath of the country,” he said. “People understand that regardless what happens with Ike, it’s going to shut down the biggest refining cluster for a period of five, six, seven days.”
The wholesale price of gasoline is what refineries charge retailers. Retailers then mark up those prices for the customer so they can make a profit — so if these wholesale prices hold, it could mean that pump prices for U.S. drivers easily break through the July 17 record of $4.114 a gallon.
NPR isn't the best source for information. If you want the real picture on pricing you need to check either NYMEX or Bloomberg. Unleaded gas prices are listed as RBOB and priced @ FOB-Gulf Low Water.http://www.bloomberg.com/markets/commodities/energyprices.html