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Gas prices up 1.5¢ in 24 hours - a major move

Hurricane Irene could end up being a "perfect storm" for high gas prices, with a ripple effect that could turn into a high price tidal wave for California gasoline buyers. Today we saw the first price ripple in what is likely to become a much bigger wave. As we predicted yesterday, gas prices have increased by 1.5¢ in the last twenty-four hours. This morning the bad news got worse - at least one major refinery has raised its prices to dealers by fifteen cents a gallon overnight.  If the current rate of increase continues, the price of gasoline will be $3.80-something on average by Monday morning - a major move by anyone's standard.