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Hurricane Gustav could push gas prices to over $5 a gallon

Hurricane Gustav is bearing down on the Gulf of Mexico, making CIBC warn motorists that they should brace for gasoline to spike to $1.75 per litre (over $5 a gallon) as storms are shutting down oil production in the region

Gas prices may go up, not because of the price of oil, but because the supply of motor refined gasoline! We still have oil, but we don’t have refineries to refine the oil into gasoline. Read more...

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