Monday, September 15

A perceived shortage caused a rush on gas stations last week as  hurricane Ike came ashore in Texas. Governor Riley declared a state of  emergency after prices at the pump went up.

Drivers were irritated  over paying higher prices for gas that was already in the ground and  had cost less than the inflated rate being imposed because of the  storm. As it was explained to HBTV, the prices were adjusted as the  market changed. There was a market price increase on Thursday and  prices were adjusted to reflect that price. Accordingly, when the  market price does drop, the pump prices will be lowered even though  the price of the gas in the ground was purchased at the higher price.  Over a period of time, this averages out. Some stations may still be "gouging" and should be reported, but apparently most local stations  were adjusting for the market price.