Gas prices surge above $3

Drivers flock to the pumps as outages, bottlenecks fan fears of a gas shortage.

NEW YORK (CNN/Money) – Gasoline prices spiked as high as $5 a gallon in some areas Thursday as consumers fearing a gas shortage raced to the pumps.

Drivers in Atlanta said stations were charging well over $3 a gallon for regular unleaded, and at least one station in Stockbridge, Ga., was charging customers $5.87 a gallon.
The price hikes were felt nationwide, with gasoline surging to $3.59 in Boston, $3.58 in Milwaukee and well above $3 in parts of New York.

…The runup in prices prompted President Bush to warn against gouging and to encourage Americans to conserve.

CNN/Money