Gas disaster.

[aOl]

We thought it was bad after Katrina... guess what Texas is where most of it comes from not Louisiana and Mississippi. And with the two happening only a month apart... what could this mean?

[no advance]

Use your car less. Hotter houses and a colder winter.

[arcticfire]

Luckily from what I understand the current price of $60+ a barrel is purly market inflaition , so while if there is a disruption of supply and the price will go back up , it's likly to fall just as fast soon after.

[Comanche]

houston area represents roughly 23% of nations refining capacity, of which most is right on the water. if this hits just south of galveston as a cat 4 or greater, all i can say is i hope the gov steps in with price caps!

[gatorcane]

it's just another excuse for gas companies to raise prices. There is no shortage and will be no shortage after Rita. You are being fooled!

[RichG]

If 23% of the refining capacity is taken out of the market from Rita would that be a conpiracy also? Whomever is conspiring is darned good to conjure up two cat 4 hurricanes. There is a shortage of gas REFINING that it why there is a shortage.

[Shullate]

it's just another excuse for gas companies to raise prices. There is no shortage and will be no shortage after Rita. You are being fooled!

so they must be lying about having all those rigs out in the gulf?
http://gom.rigzone.com/rita.asp

Yes the oil industry is making obscene profits while we're getting reamed at the pumps but to say these Katrina and Rita didn't affect supply seems a bit nutty.

[jasons2k]

A fundamental economic error that most news reports make,

It has little to do with Oil/Gas Capacity. The whole thing about releasing oil from the strategic reserve is just for publicity.

It's all about REFINING capacity.

[arcticfire]

They will just import some gas if there is danger of a shortage. Seriously I don't think it's gonna be that bad overall unless we lose like 25% of our refining capacity for months. Natural gas however is a whole different story.

[Wacahootaman]

You reckon that Al Quaeda feller gots him a hurricane machine?

Seems like these gulf hurricanes is a aimin at our oil fields a little too often fer me unless some evil doer is makin it happen.

[aerojad]

They will just import some gas if there is danger of a shortage. Seriously I don't think it's gonna be that bad overall unless we lose like 25% of our refining capacity for months. Natural gas however is a whole different story.

Correct. We bought up most of Europe's extra gasoline after Katrina hit, which of course caused a spike at the pumps for them as well.

[wx247]

Prices are up this morning over $68 dollars a barrel again. Look for prices to start reacting soon at the pump, too.

[melhow]

you wanna get the chills...

This was on the FX channel back in June...

http://www.fxnetworks.com/shows/originals/oilstorm/main.html

Read the synopsis

[arcticfire]

you wanna get the chills...

This was on the FX channel back in June...

http://www.fxnetworks.com/shows/originals/oilstorm/main.html

Read the synopsis

I watched that , it was truly funny. It was a "if everything imaginable could go wrong does go wrong within a year" thing. It wasn't just a hurricain hitting , it was the deep water port and refiners being out for a year , a back up and large crash of oil tankers in the east coast harbor , then civil war in Sarabia , etc etc.

Honestly it was truly comical.

[cancunkid]

Prices are up this morning over $68 dollars a barrel again. Look for prices to start reacting soon at the pump, too.

Yep gas here jumped fifteen cents since 9 pm last night.

[cancunkid]

you wanna get the chills...

This was on the FX channel back in June...

http://www.fxnetworks.com/shows/originals/oilstorm/main.html

Read the synopsis

Okay I read the synopsis.....who writes this stuff?? what is a catagory 6 hurricane?

[TreasureIslandFLGal]

The special was comical to watch at the time... but then after Katrina, and now with impending Rita, ya have to wonder whether the writer had some premonitions or something! Pretty creepy... the show also spoke of terrorist attacks on the UK too remember?

[Jono]

Gas prices here have gone up over 70 cents yesterday!

[PBGator]

A fundamental economic error that most news reports make,

It has little to do with Oil/Gas Capacity. The whole thing about releasing oil from the strategic reserve is just for publicity.

It's all about REFINING capacity.

Yes and even with a direct hit from Katrina the refining capacity though disrupted was not totally destroyed. If we are talking a project landfall 75-100 miles south of Houston the core of the real nasty winds and storm surge would be well South of Houston and the deep water drilling platforms. The $68 per barrel price of oil is pure speculation, fueled by Fund managers trying to hedge their lousy performing portfolios in oil futures. Want to see nervous look at the Asian markets, they are panicked, the dbl digit growth in Singapore, Malaysia, South Korea and the China is very threatened by high oil prices and the fact people are'nt running out to Wal-Mart to buy those $69 Progressive scan DVD players at the rate they were a year ago. The best thing that could have happened to the American economy was the diversification we went through in the 70,80 and 90's. Let the docks of Shanghai, Seoul and Kuala Lumpur fill up with all the cheap crap they were peddling to the all too willing American consumers.

[wxwatcher2]

Rumor has it that it's not the price that is so disconcerting but the availability.

If you can't get your gas because it's simply not available. Does it really matter how much it costs?