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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: the invisib1e hand

entitlement mentality means that americans got so use to cheap gasoline in the 1980s and 1990s they think it is their god given right to drive an SUV and fill it up with gasoline that costs less than $1.50.

I love to ask a poll question:

would you give up cheap gasoline or social security?


41 posted on 08/28/2005 4:41:42 PM PDT by atlanta67
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To: atlanta67
1. you have no right to complain about energy prices 2. you are imposing a negative externatility on the country wuth you SUV, so yes society can punish or reward you for what you drive.

I've got a nice, fat negative externality for you.

what on earth -- and wait, I thought I was adressing someone else. Those are the remarks of a horse's *ss.

42 posted on 08/28/2005 4:41:45 PM PDT by the invisib1e hand (tagline)
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To: the invisib1e hand

""a free market in crude oil as much as anyone else, regardless of what you drive, and in spite of this snivelling, self rightous rant of yours. Second, there's a saying: love it or leave it.""

i would agree except for something called an externality. Drivers of gas guzzelers are imposing a cost on the rest of society.


43 posted on 08/28/2005 4:43:09 PM PDT by atlanta67
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To: puppypusher

...because the oil needs to be refined and the U.S. just does not have the refining capacity to do it cheaply....
---
And we wonder why that has been a FACT for decades?? Cheap is not a beautiful word to the oil companies -- it means more supply and more competition -- just what they DON'T WANT.


44 posted on 08/28/2005 4:43:17 PM PDT by EagleUSA
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To: atlanta67
Americans got so use to cheap gasoline

oh, I love this stuff!! You make it SO easy. Americans buy oil on the very same open markets that everyone else does! They just aren't taxed like you europeans are!

45 posted on 08/28/2005 4:43:35 PM PDT by the invisib1e hand (tagline)
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To: lauriehelds
Light, Sweet Crude Oil
8/29/2005 Session Contract Detail for Oct 2005
alt alt alt
alt alt
alt alt alt alt
alt Last alt alt alt 70.39 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open High alt alt alt 68.60 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open Low alt alt alt 68.60 alt alt
alt alt alt alt
alt
alt alt alt alt
alt High alt alt alt 70.80 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Low alt alt alt 68.60 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Settle alt alt alt 66.13 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Change alt alt alt +4.26 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open Interest alt alt alt 0.00 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Volume alt alt alt 0.00 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Last Updated alt alt alt 8/28/2005 19:13:57

 

Unleaded Gasoline

alt
8/29/2005 Session Contract Detail for Sep 2005
alt alt alt
alt alt
alt alt alt alt
alt Last alt alt alt 2.1300 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open High alt alt alt 2.0310 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open Low alt alt alt 2.0310 alt alt
alt alt alt alt
alt
alt alt alt alt
alt High alt alt alt 2.1300 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Low alt alt alt 2.0310 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Settle alt alt alt 1.9269 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Change alt alt alt +.2031 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Open Interest alt alt alt 0.00 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Volume alt alt alt 0.00 alt alt
alt alt alt alt
alt
alt alt alt alt
alt Last Updated alt alt alt 8/28/2005 19:09:54

 

 

 

46 posted on 08/28/2005 4:43:49 PM PDT by RWR8189 ( Extremism in defense of liberty is no vice. Moderation in the pursuit of justice is no virtue.)
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To: biblewonk

I-know-this'll-make-you-giddy-with-delight ping.


47 posted on 08/28/2005 4:44:14 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: EagleUSA

"We are talking about the price of crude here...WHY? other than just plain old greed and just another "excuse" to raise oil company profit..."Or maybe the fact that supply is already tight because other countries like China are consuming a lot more. God forbid that oil companies are allowed to make a decent profit. That might just encourage investment from outsiders and ultimately increase supply to match demand.


48 posted on 08/28/2005 4:44:36 PM PDT by TBall
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To: atlanta67
You think your reply was smart, don't you? You seem only to know talking points about price controls.

Electric companines have had price controls in place since the Depression, and it has worked well. No one has lost electricity, except BECAUSE of deregulation in the California rolling blackouts.

49 posted on 08/28/2005 4:44:52 PM PDT by jude24 ("Stupid" isn't illegal - but it should be.)
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To: the invisib1e hand

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.


50 posted on 08/28/2005 4:45:03 PM PDT by atlanta67
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To: RWR8189
Will President Bush be releasing oil from the Strategic Petroleum Reserve to account for these supply disruptions?

If Bush doesn't release enough oil to make up for the disruption...it will be criminal!

We've got 800 million barrels.

50 million or so barrels will hold off the speculators tomorrow....but he must act before the markets open.

51 posted on 08/28/2005 4:45:25 PM PDT by CROSSHIGHWAYMAN
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To: RWR8189

gasoline rose 20 cents per gallon in just a few minutes


52 posted on 08/28/2005 4:45:53 PM PDT by atlanta67
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To: xrp

wait awhile for $100 per barrel.


53 posted on 08/28/2005 4:45:55 PM PDT by bigsigh
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To: atlanta67

Drivers of gas guzzelers are imposing a cost on the rest of society.
-----
Your argument is weak in that these drivers PAY for the fuel they use. They are getting no special benefit and the oil companies love them!!!


54 posted on 08/28/2005 4:46:08 PM PDT by EagleUSA
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To: TBall

DECENT profit?


55 posted on 08/28/2005 4:46:43 PM PDT by bigsigh
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To: atlanta67
incidentally, please find where I complained about fuel prices.

nevermind, I'm done with you. But you get my moron award. You'll be changing your screenname and trying to register again before the night's out.

56 posted on 08/28/2005 4:47:30 PM PDT by the invisib1e hand (tagline)
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To: atlanta67
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.

Huh? Assuming identical distances driven per week, a driver with a car getting better than 30MPG is ALREADY ahead in the money game. A driver with a vehicle getting < 20MPG is already punished.

57 posted on 08/28/2005 4:47:33 PM PDT by xrp (Fox News: I wonder if Greta will cover Aruba Missing Teen for all eternity?)
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To: EagleUSA

""Your argument is weak in that these drivers PAY for the fuel they use. They are getting no special benefit and the oil companies love them!!!""


while they do pay for the gasoline themselves, due to the tight supply and demand situation, thay also casue the price to go up for everyone.

In the long run, beyond 2 years, high oil prices are good for the economy....we will produce far more $$$ of GDP for every BTU in 2010 than we do today.


58 posted on 08/28/2005 4:47:43 PM PDT by atlanta67
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To: EagleUSA
We need more refineries to process the oil.
We need Fuel alternatives, to avoid this problem.
I've heard of a company developing the roots of the Cattail plant, which will be environment friendly and cost effective. Anyone aware of it?
59 posted on 08/28/2005 4:48:09 PM PDT by Walkenfree ("Aspire to Inspire before you expire")
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To: CROSSHIGHWAYMAN

Wait, aren't the Strategic Petroleum Reserves in Katrina's path, too?


60 posted on 08/28/2005 4:48:46 PM PDT by xrp (Fox News: I wonder if Greta will cover Aruba Missing Teen for all eternity?)
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