U.S. gasoline prices jumped to record levels in wholesale markets Thursday as Hurricane Ike moved across the Gulf of Mexico, threatening to hit Texas and its refineries. Wholesale gasoline prices ranged from $4 to almost $5 a gallon (3.8 liters) along the U.S. gulf coast on Thursday, up significantly from about $3 to $3.30 a gallon on Wednesday, Oil Price Information Service chief oil analyst Tom Kloza said. “We're looking at the highest wholesale prices ever for a huge swath of the country,” Kloza said. “People understand that regardless what happens with Ike, it's going to shut down the biggest refining cluster for a period of five, six, seven days.” The wholesale price of gasoline is what refineries charge retailers. Retailers then increase those prices for customers so they can make a profit. If Thursday's wholesale prices hold, retail prices could easily surpass the July 17 record high above $4.11 a gallon. Thursday's national average retail price was $3.67. Light sweet crude for October delivery was down over $1.50 to under $101 a barrel in late-morning trade on the New York Mercantile Exchange. The contract fell Wednesday to settle at $102.58, the lowest closing price since April 1. October gasoline futures were up sharply to almost $2.78 a gallon.
