Before Ike hits:
Oil analyst Peter Beutel says residents in the greater New York area will see a raise of 50 cents a gallon in the next 72 hours.
Beutel is also predicting the Chicago area will see a 75 cent raise and Houston area will be hit with a $2 increase.
Beutel says Hurricane Ike is to blame for increases.
“I’m looking at the wholesale prices that gasoline resellers or the people who sell us the gasoline are going to be paying for the gasoline that we’re going to be getting. So this price increase has already occured. It is a fact already, and it’s just a matter now of working it’s way through the distribution chain into our tanks,” said Beutel.
Jeez, is this possible?