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Gas Prices Skyrocket After Hurricane Ike Hits Gulf Coast

Gas prices have skyrocketed on the average nearly 20 cents per gallon since Hurricane Ike hit Galveston TX this weekend.

The Colonial Pipeline which supplies fuel to the South and East Coast was shutdown with two back-to-back hurricanes. According to a press on Sept. 10,

Colonial Pipeline is at full operating capabilities following power outages caused by Hurricane Gustav. The storm knocked out electricity at three central Louisiana stations on Sept. 1 and forced Colonial to operate at reduced rates for nearly a week.

It is unclear to what extent the major artery for supplying fuel was affected by Ike. Some areas in Alabama are seeing gasoline shortages and prices as high as $5.29 per gallon. The price hikes are localized to the South and East Coast while West Coast prices remain steady.

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