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Gas Prices Skyrocket After Ike Hits Texas

Gas Up Almost 17 Cents Over Weekend

Monday, September 15, 2008 – updated: 11:05 am EDT September 15, 2008

In the wake of Hurricane Ike, gas prices have risen almost 17 cents since Friday, according to AAA.

Gas prices climbed as Ike hit the refinery-rich area of Texas' Gulf Coast, but it appears that most of the energy infrastructure was relatively unharmed.

Federal officials said Sunday that the storm destroyed at least 10 oil and gas platforms and damaged pipelines in the Gulf of Mexico -- a small amount of the 3,800 production platforms in the Gulf. Three years ago, Hurricanes Katrina and Rita knocked out more than 100 platforms.

The shutdown of Gulf refineries sent wholesale gasoline prices spiking last week and pushed pump prices back above $4 a gallon in Alabama, Georgia, Michigan and other states.

Prices in Michigan have climbed 43 cents in the past week, while South Carolina prices are almost 50 cents higher on Monday from Friday.

In Florida, the attorney general's office reported gas prices as high as $5.50 a gallon in Tallahassee, with nearly 190 gouging complaints.

On Monday, oil prices have dropped to a seven-month low, now below $100 a barrel. Oil last settled below $100 a barrel in early March.


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