U.S. Gulf Coast's Wholesale Gasoline Price Jumps
NEW ORLEANS --- With Hurricane Ike approaching the U.S. Gulf Coast, wholesale gasoline in the region jumped 12 percent today, Bloomberg reported.
NEW ORLEANS --- With Hurricane Ike approaching the U.S. Gulf Coast, wholesale gasoline in the region jumped 12 percent today, Bloomberg reported. That's the biggest increase in nearly three years.
Gasoline for sale at Gulf Coast terminals rose 25.39 cents to $3.30 a gallon at 2:41 p.m., according to data compiled by Bloomberg. It was the largest one-day increase since Sept. 27, 2005, when Hurricane Rita slammed into coastal refineries and spurred an 18 percent surge in the price for the fuel.
About 60 percent of Gulf Coast refining capacity remained shut or operating at reduced rates today, one week after Hurricane Gustav slammed the coast of Louisiana, Bloomberg reported.
Gasoline rose because of closures associated with Gustav "and now the potential that Ike is going to shut down refiners,'' Andy Lipow, president of Houston-based Lipow Oil Associates LLC, told Bloomberg.
Four oil-processing plants were idle as of 10 a.m. Eastern time, and 14 were in the process or restarting output or operating at below-normal rates.
Ike is expected to reach the coast of Texas or Louisiana in about five days.
More Fuel
October Fuel Trends Show Diverging Gasoline and Diesel Prices
Get the latest fuel trends from October.
Read More →
Fuel Prices Surge in September | September Fuel Update
September brought major fuel price swings, including diesel crossing $6 a gallon. Here’s how gas and diesel prices changed throughout the month, and where they stood heading into October.
Read More →
Turning Fleet Payment Data into Executive Insights
Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.
Read More →
Why the IRS Raised Its Mileage Rate in the Middle of 2026
Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.
Read More →
July Fuel Update: Prices Keep Rising in Light of More Conflict
Gas prices continue to rise as more and more conflicts do, too.
Read More →
Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."
When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”
Read More →
How Fleets Can Gain Control of Non-Fuel Spend
Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.
Read More →
Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs
The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.
Read More →
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →