The markets aren’t even open yet, and oil has already surged to $70.80 a barrel — a new record high — ahead of Hurricane Katrina, an increase of $4.67.
My girlfriend and I just went out and filled up both of our cars. I don’t know what might happen but I don’t have a good feeling. 30% of this nation’s oil is brought in through, and refined, in the New Orleans area. By Friday I expect we’ll see eye opening gas prices. $4 or more per gallon, maybe? Worse, shortages. This storm could precipitate a very severe energy crisis. Our petroleum refining system is shaky enough without a hurricane like this.
More than 40 percent of all U.S. Gulf of Mexico crude oil production was reported closed down as a result of the hurricane, with the total expected to rise significantly as more operators report affected production to the U.S. government on Monday.
The U.S. Gulf of Mexico normally pumps about 1.5 million barrels per day (bpd) of crude, a quarter of domestic output and equivalent to nearly 2 percent of global oil production.
August 28th, 2005 at 8:28:00 pm
My girlfriend and I just went out and filled up both of our cars. I don’t know what might happen but I don’t have a good feeling. 30% of this nation’s oil is brought in through, and refined, in the New Orleans area. By Friday I expect we’ll see eye opening gas prices. $4 or more per gallon, maybe? Worse, shortages. This storm could precipitate a very severe energy crisis. Our petroleum refining system is shaky enough without a hurricane like this.
August 28th, 2005 at 9:29:16 pm
More than 40 percent of all U.S. Gulf of Mexico crude oil production was reported closed down as a result of the hurricane, with the total expected to rise significantly as more operators report affected production to the U.S. government on Monday.
The U.S. Gulf of Mexico normally pumps about 1.5 million barrels per day (bpd) of crude, a quarter of domestic output and equivalent to nearly 2 percent of global oil production.
From: http://www.msnbc.msn.com/id/5612507/
…I’m gonna go fill up my gas tank.