Gustav builds to hurricane status

| 8/26/2008

Oil prices shot up sharply Tuesday morning, Aug. 26, after winds of 90 miles an hour caused tropical storm Gustav to be upgraded to hurricane status.

Bloomberg reported that Gustav hit the island nation of Haiti early Tuesday afternoon and was also on track to hit Cuba. Then it could possibly enter the Gulf of Mexico where offshore drilling accounts for 25 percent of U.S. crude oil and 15 percent of its natural gas.

AccuWeather senior forecaster Eric Wilhelm said states along the Gulf Coast will need to be on the lookout by early next week.

Gustav is expected to strengthen over the Gulf, and Wilhelm said it could become a Category 4 hurricane with winds of up to 155 miles per hour.