Oil crisis film ("Oil Storm"),takes market fears into US living rooms

(Reuters) ^ | June 4th, 2005 | Deepa Babington

[M. Espinola]

"Bumping this thread because there were so many scoffers then. I wonder if they're scoffing now."

I know what you mean in late 2003, not that long ago, I had people say I was full of it when I repeatedly stated crude oil was heading for %50+ over 10 to 12 months when oil temporarily reversed a bit under $30. Commodity brokers we some of those which lacked real insight. The ones which solely 'invest' in stocks, couped with others which never traded anything, let alone oil or any other commodity contacts are the biggest scoffers and place blame on little guys in relation to the mega funds.

Crude at $70ish may even look cheap as we speak on this subject this time next year.

Instead of investigating the possibilities of equally benefiting from these highly volatile markets they blame those which issued warnings, for the current prices. Go figure. Scoffing schleppers.

Here is a website you should find very useful as were enter Fall and Winter: Futures and Commodity Market News

[Tatze]

Bump

Is this at all relevant today, following Katrina?? A little prophetic?

I think a lot of the price hikes and shortages today are media creations, as in Atlanta. But interesting that this movie came out not so long ago. And of course, it was over blown, but maybe not quite as much as I thought while watching it then.

[M. Espinola]

"Is this at all relevant today, following Katrina?? A little prophetic?"

If it was not Katrina the oil/energy problem would have been made worse in some other fashion.

"I think a lot of the price hikes and shortages today are media creations, as in Atlanta. But interesting that this movie came out not so long ago. And of course, it was over blown, but maybe not quite as much as I thought while watching it then."

Just as in other historic 'energy shortfalls', there are those which are milking it for every penny, creating additional problems to the existing adverse supply situation.

I watched the British directed movie and waited and waited for that soap opera to improve. (East-enders was more exciting). It is very interesting the movie was played up by the 'media' not that long ago?

What is high-test gas selling for down there? I have always thought whatever the price of 93 octane is selling for in times of 'energy dilemma's', within a couple of weeks (or less) 87 octane will sell for the same price.

The Conoco Phillips refinery is flooded after being hit by Hurricane Katrina near New Orleans, Louisiana August 31st, 2005. Hellish scenes of death, damage, and chaos wracked the U.S. Gulf Coast on Wednesday as overwhelmed authorities tried to rescue the living and count the dead amid the destruction left by powerful Hurricane Katrina. REUTERS/Richard Carson

Gas prices are over $3 a gallon at a Chevron gas station in San Francisco, Wednesday, August 31st, 2005. Gasoline prices leaped Wednesday as key refineries and pipelines remained out of service following Hurricane Katrina. (AP Photo/Paul Sakuma)

Oil storage tanks are flooded in New Orleans after Hurricane Katrina struck Louisiana August 31st, 2005. REUTERS/Marc Serota

Gas station employee Dani Estabhan changes the price of a litre of regular gasoline to $1.34.9 in Montréal Wednesday 8-31-05. (CP PHOTO/Ryan Remiorz)

[Tatze]

This is what one station here was charging.

The Governor declared a State of Emergency with regard to Gas Prices. Basically, stations are limited to charging the same amount over wholesale that they were before the crisis. So many stations dropped their prices back down. This whole thing in Atlanta was way overblown, based on incomplete media reports and quickly spreading rumors.

[finnman69]

bump

[M. Espinola]

It dose not take much to trigger a panic as we have seen. If there are gas station owners jack up prices to insane levels just to make a fast buck, they are the one's which should be prosecuted.