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| (Photo credit: najeebkhan2009) |
By SARAH FAY CAMPBELL
As Hurricane Isaac made its way toward the Gulf Coast — and its oil and gas infrastructure — gasoline prices skyrocketed, particularly in the South. But so far it seems the oil refineries and production areas are going to avoid any significant damage. As of 1:30 p.m. Wednesday, there were no reports of any damage, according to Reuters News Agency. Wholesale gasoline prices skyrocketed to a whopping 18.6 cents on Monday, said Joe Crain of Newnan’s Crain Oil. By Tuesday, it appeared that Isaac wouldn’t cause many problems and the wholesale price dropped by 9.5 cents. “You don’t ever have those kind of wild swings, unless it is something like a hurricane or something in the Middle Eastâ ¦ that may disrupt supply,” Crain said. “I think Monday they just were expecting the worst, and then Tuesday, the forecast was it wasn’t going to be as bad, so they came back off [the price].” ... Continue to read.
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