Hurricane Ike, with winds 110 mph, was not only affecting the Texas region it hit, but the whole of USA. Oil prices, as of yesterday night, climbed back to it's all time high of $4/gallon.
It's still a bit too early to declare the damage caused by this category 3 hurricane, but this $4/gal oil price can still possibly go up. I heard rumors last night that the price can go up to $5/gal (mentioned here also), but then again, it's rumors. Oil price will surely depend on how long it will take to get oil refineries back on its feet after the almost direct hit. The hurricane hit region, produces nearly 1/4 of the nation's oil.
Read more here.
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