Ike Boosts Gas Prices Up to $5

Experts warn of shortage for 'extended period'

(NEWSER) - Hurricane Ike’s assault on the Gulf Coast has closed over 19% of US refinery capacity and may hurt delivery nationwide, Bloomberg reports. At least 13 Texas refineries have shut down operations, which may trigger a gasoline shortage in the southern and eastern US—and it may last a while, observers say. “Ike is headed into the heart of the refining industry,” says an energy expert. More»

'Eye of the aftermath' proves trying for Texas residents in need

(NEWSER) - With a short supply of commodities like ice and gasoline forcing Texans trying to recover from Hurricane Ike to wait in hours-long lines, President Bush warned today the storm may put "upward pressure" on US fuel prices. Refineries and oil rigs sustained extensive, though not severe, damage, the Houston Chronicle reports. Meanwhile, some businesses reopened and FEMA officials say they are “working feverishly” to open 17 food distribution centers today. More»

Investors react to storm threat

(NEWSER) - Hurricane Gustav helped boost oil prices today by more than $1 a barrel as energy companies shut down production facilities in the storm's path, reports Reuters. US crude rose $1.54 to $117 per barrel this morning, after briefly surging to over $118 when NYMEX opened for electronic trading hours earlier than usual. More»

With crude oil so expensive, they can't make money

(NEWSER) - Add one more victim to the soaring price of petroleum—refineries. Yes, despite gas prices rising another 6% in February, refineries in the US Northeast are shutting down because they're losing money, reports Wall Street Journal . And with Philadelphia-based Sunoco set to close the largest refinery in the region in July, expect gas prices to keep going higher. "Our Northeast refining business has lost nearly a billion dollars in the past three years, and those losses have threatened Sunoco's very existence as a company," said a Sunoco spokesman. More»

(NEWSER) - Officials in the coastal Texas town of Galveston are baffled by a series of arson fires targeting palm trees, the Houston Chronicle reports. “This is strange,” the town’s fire marshal says of the spree, which has hit 30 trees since May. “It’s the first case in my experience dealing with a tree arsonist.” More»