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Analyst says hurricanes could mean $6 gas prices

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Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 01:58 PM
Original message
Analyst says hurricanes could mean $6 gas prices
An ill wind for gas prices

Traders say that even though you're already paying for the hurricane season, the price could spike to $6 a gallon if catastrophe strikes.

NEW YORK (CNNMoney.com) -- Batten down the hatches: hurricane season starts on June 1. It's expected to be a rough one, threatening to upend refineries and disrupt pipelines in the southern United States.

And that could send gas prices, already nearly 20% above what they were last year, soaring even higher.

That's what happened three years ago when the Gulf Coast was battered by two hurricanes - Katrina and Rita - in the span of a few weeks.

"With the market the way it is now, a move in crude because of a hurricane could really be exacerbated," said MF Global energy analyst Don Luke.

Peter Beutel, oil analyst at Cameron Hanover Beutel, said if a Katrina-like hurricane were to hit in July, gas prices could go as high as $5 or even $6.

http://money.cnn.com/2008/05/22/news/economy/hurricane_...


God fucking damn it - stop providing fuel for the speculators! :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:
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Rosemary2205 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:00 PM
Response to Original message
1. Bullshit
The price by July will be $5 period. by Sept $6 period. They'll dream up the reason why when the time comes.
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Initech Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:58 PM
Response to Reply #1
8. We'll see riots once gas hits $5.15 a gallon.
That will mean that for the first time ever the price of a gallon of gas will be the same as an hour of minimum wage. And you know what that is? Slavery.
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Rosemary2205 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 04:06 PM
Response to Reply #8
9. I doubt it.
Americans are so beat up and beat down we'll just hoist our petards higher in the air and beg the master for another whippin please.

Even the Koreans have the gumption to take the streets when their livelihood is threatened - we seem content to stick to complaining on the internet tubes.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 04:12 PM
Response to Reply #9
12. Sooner or later there will be a reaction
we already did... the truckers protest... but not any of them have made it to the media

Oh wait, that one made it to NPR, lets be fair, for about one top of the hour newsbreak

Yes, I have become very cynical... but I know there is a limit

And when the explosion finally happens... it will take most people by surprise
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Posteritatis Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:02 PM
Response to Original message
2. I wonder if $2 gas could mean hurricanes... (nt)
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tridim Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:08 PM
Response to Original message
3. So I guess the entire time gas was at $1.20 we never had a hurricane?
Gas prices remained steady at about $1.00 to $1.50 my entire life until the exact minute the "oil men" took over the WH. THEY are why gas is $4.00 and heading higher every day.
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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:11 PM
Response to Reply #3
4. World supply hadn't matched up with demand
so there were additional sources to fill in short term gaps.

Not the case anymore, which is why relatively minor events now cause large perturbations.
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kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:22 PM
Response to Original message
5. Time to buy a couple more bags of rice and beans.......
Oh well, life is short. I'm gonna crockpot up some BBQ pulled pork today and enjoy a beer. While I still can.
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DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:24 PM
Response to Original message
6. When any excuse will do (and we've seen some doozies)...
why even bother at any attempt to justify the extortion?
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DrDan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 02:37 PM
Response to Original message
7. I live in the Daytona area - and the surf temp is already 80.
In the gulf - mid-80s. That will fuel any tropical storm heading our way. I think a bad year is coming.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 04:10 PM
Response to Original message
10. So glad I got a bike two days ago!!!!!!!!!!!
Hubby will take the Hybrid most of the time now
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Squatch Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-01-08 04:11 PM
Response to Original message
11. "speculators" are, most often, institutional investors who already have this info
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