Posted on 09/11/2008 3:32:57 PM PDT by kms61
Expect gasoline prices to rise overnight as much as a dollar and-a-half a gallon. That's the warning from several business sources including one major Baton Rouge multi-station operation.
However, a spokesman for Triple A Louisiana discounted the report. "We still have at least a 20 day supply, said spokesman Don Redman. "We certainly wish we had a healthier supply than that but we are certainly asking the service station industry to refrain from any panic pricing," Redman said.
The approach of Hurricane Ike to the Houston area has produced a panic gasoline markets. The fears are driven by the fact that refineries are shutting down in metro Houston taking away 16 percent of America's gasoline refining corporation.
The controller of one gasoline operation tells WAFB News she is ordering her delivery truck drivers to pickup no more gasoline deliveries after 6 p.m. today which is the normal hour that prices are changed by refineries for the subsequent 24 hours.
WAFB News has learned that the daily price-setting from Shell Oil Company, which usually comes in by 3:30 in the afternoon still had not arrived at 4:15 p.m.
A gasoline price guide used by the industry, known as "Fuel Prophet LLC" is advising Gulf Coast dealers to prepare for a price rise overnight of $1.41 a gallon for conventional unleaded gasoline. The so called "rack advice" for low sulfur diesel fuel is much more modest - 15 cents a gallon.
The Louisiana Oil Markets' Association has posted an emergency message to State Attorney General Buddy Caldwell warning him of the expected increases in an effort to avoid allegations of price gouging.
$5!!!
Quick!
EVERYBODY FILL UP NOW!!!
AAAAAAAAAAAAAAAAAAAAARRRRRRRRRRRGGGGGG!!!!!!!!
This is, and let me choose my words very carefully, stupid.
could you elaborate?
Good thing I gassed up at lunch today. Pay day + Empty tank = Full tank.
No, not really.
c.B.S.
Oil and gas futures would have risen $50 a barrel today if the market was anticipating that big of a move due to the storm.
Is this a local market prediction based on localized shortages ahead of the weather? If so, probably should put a parenthetical statement in the headline that this is local news, so some people don’t panic and buy up all the gas tonight, causing shortages.
(now, just you all sit back and relax, I’ve got to go fill up my car.....)
:-)
Holy Crap, it still has it as a hurricane just south of DFW.
Gas has to go up to $10/gallon before I’m worried (only in the sense of ‘worried about being able to pay for the fuel I need to get around”).
I ride a motorcycle.
The price is not based on oil, but on refinery shutdowns due to hurricane Ike. US gasoline futures hit a record, above $3.40 a gallon.
Every hurricane that passes further illustrates
our current national vulnerability to a steady
and continuous delivery of petroleum resources.
Drill here drill now.
It’s a local news story, however it could have wider implications, since Houston refines such a large percentage of the country’s gas.
I agree, but it wouldn’t help in this case, as it’s about a refinery chokepoint.
$5 a gallon means you might be able to get some when you need it.
Yeah, but refine here refine now
just doesn’t have that same ring to it.
Yeah, but refine here refine now
just doesnt have that same ring to it.
- - -
Sorry, my bad, responded to wrong person.
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