Gasoline prices skyrocketed at the Gulf Coast last week to the highest prices by far ever recorded for a U.S. spot market. Whether those numbers represent a 48 hour quirk or a trend will be determined by the damage, or lack of damage in the wake of Hurricane Ike. While spot deals in the $4.25-$4.75/gal range were common for Gulf Coast unleaded gasoline, some of these numbers were paid by traders desperately trying to cover obligations to other refiners and shippers. No one believes that $4.00/gal-plus wholesale numbers can persist through September.
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