Bloomberg: Any further disruptions = $100 per barrel oil

Ryan McGinnis

Ryan McGinnis

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Jun 21, 2004
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Kearney, NE
From Bloomberg:

Katrina's Gulf of Mexico Wreckage May Spark $100 Oil (Update2)

Sept. 1 (Bloomberg) -- As Hurricane Katrina slammed through the Gulf of Mexico, energy companies evacuated offshore workers and shut about 91 percent of the region's oil production, or 1.37 million barrels daily.

``There isn't the global spare capacity out there to replace this loss if it continues for a prolonged period,'' says Bart Melek, a senior economist at BMO Nesbitt Burns in Toronto. ``Already the market is tight as a drum, and if anything else happens, say instability in the Middle East, I wouldn't preclude $100 oil at all.''
Click to expand...

Click the above link for full article. They have a really, really great rundown of the current oil production/transportation impacts of Katrina.
 
Surely this is the first year that gas prices rocket AFTER the chase season. I'm about to buy a trailer to live in and a bicycle to ride.
 
LMAO! :lol:

Funny how the very same thing crossed every chaser's mind when you said that!
 
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