Gasoline rises on Ike fuel disruption in Gulf region
Wholesale gasoline jumped on Friday as Hurricane Ike aimed at the Gulf coast forcing Texas refiners to halt operations while crude futures briefly dipped below 100 dollars. Prices at Gulf Coast wholesale markets surged to around 4.85 per gallon with demand forecasts uncertain, as major oil firms brace for potential prolonged outages.
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August Sales Slide Amid Easing Price Pressures
The Labor Department reported wholesale prices fell 0.9 percent in August, while retail sales dropped 0.3 percent, signaling consumer restraint despite lower energy costs. Economists warn the economy could slip toward recession as stimulus effects fade and GDP growth slows in the upcoming quarters.
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Hurricane Ike Threatens Near $1 Trillion in Insurance Exposure
The Storm Ike threat targets Texas Gulf Coast with insured property valued near $1 trillion, according to catastrophe firms. Most coastal exposure lies along Houston and Galveston Bay, with hundreds of billions in Harris County, plus significant inland risk.
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