Ike Makes Economic Landfall
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Ike Makes Economic Landfall
Hurricane Ike is still churning off the Texas Coast, but it has already made an economic landfall.
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(September 12, 2008)—Hurricane Ike was still hours from landfall Friday afternoon, but it has already hit the economy, sending wholesale gasoline prices soaring.

Wholesale gasoline prices on the Gulf Coast moved to around $4.85 a gallon on fears of vast fuel shortages as the hurricane headed for Texas.

At least eight refineries had shut down or were powering down as Ike prepared to strike, in the Galveston area.

Arkansas Gov. Mike Beebe declared a state of emergency, saying he expects temporary increases in gas prices over the next few days as pipelines into Arkansas are shut down.

"We have dealt with emergencies before when severe weather has impacted fuel prices in Arkansas and throughout the region," Beebe said.

"This situation is unique with the interruption of pipeline service, and we want to do everything we can to make sure that any price gouging that results can be dealt with swiftly and strongly by the Attorney General."

Gulf Coast wholesale gasoline jumped substantially from Tuesday, when a gallon cost just $3.

The Texas Attorney General's Office has received about two-dozen complaints of price gouging at gasoline stations, but nothing widespread, yet.

Around the state Friday, prices were up a few cents a gallon on average, according to Texasgasprices.com, which found that prices ranged from as little as $3.29 a gallon at a station in Gainesville to as much as $3.99 a gallon at a station in Gainesville.

Texasgasprices.com

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