My buddy works at a Citgo station in Plainwell, MI (SW Michigan) and he said that the manager at the station said the Hurricane wiped out an oil rig off the coast of Texas and gas will go up to $3.05 tomorrow.

$0.70 is quite the hike...but about a month ago it went up $0.40 on my way home from work (on a Wednesday) and the gas stations realized they did the hike too early so they dropped the prices back down $0.35 and then upped them back to $2.50 the next day.

If it isn't true, oh well, you got gas. If it is true, you saved some money.

This is just getting ridiculous.

I haven't seen any changes in gas prices in the Detroit Metro area as a result of the hurricane. And even if the hurricane did take out an oil rig, it shouldn't cause enough loss in production to justify a seventy to eighty cent increase per gallon.

Wouldn't a $0.70 hike result in the Attorney General getting involved and suing those stations/companies similar to 9/11? That was rediculous, gas at an average of $3/gal. It nearly doubled and some places were at almost $5/gal.

There are 'guidelines' to how much stations can charge before it is considered 'gouging'. I'm not sure how all that works, but certainly a price increase like that is going to create some stir.

I saw in my area here in Austin, TX that yesterday is was like $2.18 for the low grade and today I saw it at $2.09.

Apparently it was just some huge rumor going around. The governor made a statement saying that it was a rumor and gas prices wouldn't be going up. Weird thing is, the guy who told me this is usually right about prices going up, even the little jumps like $0.05.