Gas Prices Expected to Rise Due to Ike

WCBS 880 spoke to oil analyst Peter Beutel who says that New Yorkers should expect a 50 cent increase in the price of a gallon of gas in the next 72 hours. And that's because Ike is about to hit Texas. And NY's prices aren't as bad as Chicago, which will get a 75 cent hike, and Houston, which faces a $2 increase. Beutel explained, "I'm looking at the wholesale prices that gasoline resellers or the people who sell us the gasoline are going to be paying for the gasoline that we're going to be getting. So this price increase has already occurred. It is a fact already, and it's just a matter now of working it's way through the distribution chain into our tanks."