In light of the devastation on the Gulf coast, this seems really trivial, but gasoline prices in my neck of the woods were $2.489 for regular unleaded on Monday. When I filled up my tank on the way to work yesterday, it cost me $2.629 per gallon. When I passed the same station yesterday afternoon, it was $2.999 per gallon.
I understand that there's been a hurricane. I understand that there's no electricity to pump crude from the pipelines at the coast. But I also understand that it takes 3 months to turn that crude into the gasoline I pump into my car. So why did it take two days for gasoline prices to increase $0.51 per gallon???
There's "panic buying" in the area. Some stations are having to limit customer's purchases to 10 gallons to avoid running out of gasoline, but are still running out. What a mess.