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U.S. oil surges $4, to record above $70, on hurricane
reuters.com ^ | 28 August 2005

Posted on 08/28/2005 4:26:56 PM PDT by lauriehelds

SINGAPORE, Aug 29 (Reuters) - U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.

Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day

(bpd), according to company figures on Sunday.

It also forced the closure of seven refineries and a major U.S. crude import terminal.

Crude oil futures on the New York Mercantile Exchange

(NYMEX) surged as high as $70.80 a barrel, up $4.67 a barrel, as traders feared lasting damage could further strain an industry that has struggled to keep up with demand for two years.


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: brent; capacity; cartel; crude; crudeoil; energyprices; exploitation; funds; gas; gasoline; hedgefunds; hurricanekatrina; idiotsaboundhere; ipe; iran; katrina; lightsweetcrude; middleeast; northsea; nymex; oil; oilcartel; oilindustrylies; oilinventory; oilrefineries; oilrefinery; opec; pricecapthebastids; pricegouging; profiteering; refinery; reregulateoil; saudiarabia; saudis; speculation; speculators; supply; unleadedgasoline; wti
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To: atlanta67

What the hell is a "negative externatility"?


121 posted on 08/28/2005 5:12:57 PM PDT by joem15
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To: the invisib1e hand

I think your right Invidsible Hand

An example was the origional poster who placed this in the thread.

"A steep tax should be imposed on all vehicles that get less than 20 mpg combined and a tax credit given to all vehicles that get more than 30mpg combined."

I am amzaed on this conservative board how many liberal or liberal type ideas get posted.. and I thought the Libertarians get bashed.

I guess fiscal conservativtism is over in the Republican Party. Because the idea above floors me.

The Blaim the SUV crowd is claiming that all people need to drive high miliage vehicles and the Government needs to encourgage the fact by mandating new MPG standards and give everyone a tax break for getting hybird or higher milage vehicles.

How would a vehicle that gets less than 20 MPG get taxed the pump? How would you determine the way to tax that vehicle?

But MOST of ALL.. HOW IN THE HOLY HELL Do you think that the Government has Any buisness dictating what type a vehicle a person should buy? Show me in the Consitution where that power lies...


122 posted on 08/28/2005 5:13:23 PM PDT by Kitanis
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To: Reeses
That won't have much effect unless the whole world decreases consumption.

Any idea how much of the world's oil consumption the U.S. is responsible for these days?

Regardless, 1.4 million bbls/day ain't nothin' to sneeze at. It would have some effect.

123 posted on 08/28/2005 5:13:48 PM PDT by newgeezer (Just my opinion, of course. Your mileage may vary. You have the right to be wrong.)
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To: joem15

it means that not all the costs of some economic activity are internalized by the entity engaged in that activity..

Example: Pollution

a factory creates pollution tha tthen dumps acid rain in a lake killing fish and putting fisherman out of business.....that cost is not reflected in the cost of operating the factory.


124 posted on 08/28/2005 5:14:29 PM PDT by atlanta67
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To: RWR8189
imminent disruptions

Disruptions have been imminent for years. There were actual disruptions when the Saudis decided they could cut us off altogether 30+ years ago. When the disruptions are immanent then we'll be interested.

125 posted on 08/28/2005 5:15:19 PM PDT by RightWhale (Partly cloudy, 62 degrees, wind <7 knots in Fairbanks)
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To: newgeezer

""Regardless, 1.4 million bbls/day ain't nothin' to sneeze at. It would have some effect.""


1.4m barrels per day will instantly remove the small over capacity cushion that exists.


126 posted on 08/28/2005 5:15:31 PM PDT by atlanta67
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To: Kitanis
Show me in the Consitution

You are of course aware the written Constitution must reflect the actual constitution or the written Constitution will be ignored. The purpose of American gov't is support of commerce. That is the constitution.

127 posted on 08/28/2005 5:19:01 PM PDT by RightWhale (Partly cloudy, 62 degrees, wind <7 knots in Fairbanks)
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To: newgeezer

The US consumes about 25% of the world's oil production.


128 posted on 08/28/2005 5:19:05 PM PDT by VOR78
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To: VOR78; dufekin
if defukin thinks oil is going to 400, I'll sell him all he can buy at 150 right now.
129 posted on 08/28/2005 5:22:05 PM PDT by the invisib1e hand (tagline)
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To: VOR78

and the US's contribution to the world is beyond measure. End of story.


130 posted on 08/28/2005 5:22:48 PM PDT by the invisib1e hand (tagline)
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To: Kitanis

actually if that floors you, you should already be floored...there is a gas guzzler tax of 10% on all fleets that cannot attain 27.5 mpg....additionally there is a $2000 tax credit for those who buy hybrids


131 posted on 08/28/2005 5:24:09 PM PDT by atlanta67
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To: HuronMan

"They will be nationalized in 2007 after the Democrats win veto-proof majorities in the House and Senate in the 2006 election."

The political trend in the US does not support your statement. The only way the dems (socialists) can pull off something like this is to do it from the bench.


132 posted on 08/28/2005 5:24:25 PM PDT by Constitutional Patriot (Socialism is the cancer of humanity.)
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To: dufekin

At $400 a barrel, Huffy might not be a bad investment.


133 posted on 08/28/2005 5:24:25 PM PDT by RightWhale (Partly cloudy, 62 degrees, wind <7 knots in Fairbanks)
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To: Kitanis; PilloryHillary

I guess their strategy is to inflame, and this is certainly an emotional topic right now. These people are like lice.


134 posted on 08/28/2005 5:26:13 PM PDT by the invisib1e hand (tagline)
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To: lauriehelds
shorted oil futures, 70.425 on a lower high, wish me luck.


135 posted on 08/28/2005 5:27:13 PM PDT by montag813
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To: atlanta67
additionally there is a $2000 tax credit for those who buy hybrids

a hybrid. that's exactly what you need. why don't you go buy one, and let everyone else live according to the dictates of his own conscience and wallet, OK? It's really very simple.

136 posted on 08/28/2005 5:27:36 PM PDT by the invisib1e hand (tagline)
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To: montag813

put in your stop and you'll be fine. a volitile market -- so be patient. nice, gutsy trade.


137 posted on 08/28/2005 5:28:34 PM PDT by the invisib1e hand (tagline)
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To: the invisib1e hand

""a hybrid. that's exactly what you need. why don't you go buy one, and let everyone else live according to the dictates of his own conscience and wallet, OK? It's really very simple.""

thats is nice but it doesnt reflect the current reality concerning energy policy in this country since 1974...the govt does in effect tell that auto companis that they must make a certain number of high mileage vehiles, so that they make the fleet requirements


138 posted on 08/28/2005 5:31:10 PM PDT by atlanta67
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To: lauriehelds

For those interersted.

Here is a link to a pdf document showing all of the current oil and gass assets in the Gulf. There are over 5000 production platforms today.

http://www.gomr.mms.gov/homepg/lsesale/Visual1.pdf

It's a must see.


139 posted on 08/28/2005 5:31:13 PM PDT by jbstrick (insert clever tagline here)
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To: atlanta67
There is a thing called "alchohol pollution of the brain" that leads us to say dumb things like "negative externatility". And while we say these dumb things, we think that we are the smartest people in the world. There must be a software program that connects words like "Negative" and "externatility". I can't wait to see what it means.
140 posted on 08/28/2005 5:31:28 PM PDT by joem15
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