Gas Prices in relation with Katrina

I heard that New Orleans produces 25% of our gasoline. Are the gas prices predicted to go up even more with this hurricane damaging the refineries in New Orleans?

 

Yes.

"Crude oil futures spiked to more than $70 a barrel in Singapore for the first time Monday as Katrina targeted an area crucial to the country's energy infrastructure, but the price had slipped back to $68.95 by midday in Europe. The storm already forced the shutdown of an estimated 1 million barrels of refining capacity."

http://news.yahoo.com/s/ap/hurricane_katrina

That, combined with labor day weekend, it's gonna get expensive.

 

I hear this is the strongest hurricane of the year

 

A part of the superdome got ripped off even... there's like 7,000 people in there... it's pretty bad.

 

Heard there was 20,000+ people.. ?

 

the insurance claims could top 25 billion!!11!!..yes thats billion.

 

There's over 6,000; not 20k.

Yes, gas is gonna go up. How much? Depends on how much damage is done to refineries, how distrupted transportation is, and how long it takes to get all that back upto 100%.

Worst hurricane in a long time; this was a catagorey 5 when it hit land!

 

The government just want to raise gas prices for the war!!!! We have LOTS of oil really!

 

we would if the greeny tree huggers would let us drill up north... but I thought thats i why we went to IRAQ for OIL.. guess thats not the case huh

 

DRILL ALASKA DAMNIT!

 

OMG AND GLOBAL WARMING CAUSED THE HURRICANE! DAMN YOU BUSH! DAMN YOOOUUUUU AND YOUR ANTI KYOTO PROPAGANDA! :lol: :lol:

 

might as well start riding bikes...since it takes 2-3 bucks to get a full tank and we'll be so fast cops can't even catch us...right fuji?

 

Actually, I'm thinking really hard about getting a bike now.. 50 MPG sure would be nice. But, then we have winter.. Maybe a Civic for winter?

 

if any of you have taken economics in college, your professor would say we have plenty of petro, the prices are going up just because the people selling it are trying to predict what might happen in the near future so they raise if they feel a threat, and lower if they feel the threat is over... has nothing to do with the war, or katrina... those are just reasons to jack up prices, not actual facts to raise the prices...

 

So Katrina whiping out industrial oil infustructure is fiction? Less oil coming out of Iraq due to people blowing infustructure up is fiction?

They are indeed actual facts that are percieved as threats to supply; hence the price increases.

 

I didn't say katrina was fiction, i said it was a reason to jack prices up... take a good look at gas company stock prices and you will see why they want to jack prices up... almost all US auto-gas related products come from here in North America, not just New Orleans... oil from the Middle East mostly goes into creating plastic bottles and trash bags we use everyday...

 

the world is coming to an end due to high gas prices...hehehe

 

:shock:

 

Oh please, there's not enough oil in the Alaskan reserver to cover us for a week let alone make up the difference of the lose of the gulf refineries. That alaskan field could only ever produce 1-2% of our needs IF they could get it up and running.

Who's controling the Iraqi oil interests, what buildings got secured first after the invasion, what economic powers were relying on the oil that we now control. Answer those questions for yourself, you were there, you tell me we why we went there. But please don't give me the song and dance about WMD, that was a crock years before we went over there and everyone in power knew it.

 

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the end

 

From i.CNN.net

 

They are actual facts to base price raises on. It's more than corperate greed at work. Or percieved future threats.