My apologies if this seems short.
We just received a phone call.
Gas is projected to hit $5 a gallon - based on wholesale prices.
Here is a link to a story confirming this.
NEW YORK (Reuters) - Wholesale gasoline prices in the U.S. Gulf topped $5 a gallon on Thursday as the region's oil refineries began closing down ahead of Hurricane Ike, adding to fears that U.S. drivers could see pump prices rise again.
Prompt spot gasoline prices in the U.S. Gulf traded at a record $2.50 a gallon over their gasoline futures benchmark, which itself traded as high as $2.83 a gallon in active trade on the NYMEX exchange, putting the price tag on a wholesale gallon of gasoline as high as $5.32 per gallon.
Apparently there may be a small window in which you can still buy sub $5 gas - between this writing and midnight.
I'll update this diary later - off to fill up.
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Update - an Ike Spike?
OK - the $5.00+ per gallon wholesale is a real number - certainly per the earlier inked article.
What remains to be seen is how long that price point lasts.
This could be a simple case of an Ike Spike. Nonetheless, the price at the pump is certain to rise.
Good luck.