Oil prices posted the biggest one-day dollar gain ever Monday Sept. 22 as the dollar fell in response to Washington's $700 billion Wall Street bailout plan. October oil contracts surged in afternoon trading, reaching $130—a more than $25 gain. It dropped back down to settle at $120.92 a barrel, up $16.37 from Friday's close. The gain eclipsed the $10.75 spike in oil on June 6. (CNNMoney.com [2], Sept. 22)
Gasoline prices are inflated nationwide in the wake of refinery closures caused by Hurricane Ike, but especially in South, which is experiencing sever shortages. In Nashville, about 70% of the area's gas stations are out of gasoline, according to the Tennessee Oil Marketers Association. In Georgia, which has only one small refinery, a gallon of regular sold at $3.976, more than 30 cents higher since Ike hit land on Sept. 13. (WSJ [3], Sept. 23)
See our last post on the oil shock/econocataclysm [4].
