M
manny15
Guest
LAST EDITED ON Sep-01-05 AT 10:57AM (MST)[p]they say only 20% of oil supply is interupted from katrina if only 20% why is gas price's on the west coast $3.00 a gallon, B.S...but what piss's me off the most is the Europeans are kicking us when were down, they just can't wait to provide fuel to us at absorbant price's...gotta start drillin in Alsaka and get the Saudi's grip off america's throat.
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The U.S. oil industry remained shaken after Hurricane Katrina, with most offshore production from the Gulf of Mexico down, about 10 percent of U.S. refining capacity paralyzed, and pipelines struggling to restart. At least 20 rigs or platforms were adrift, listing, sunk or missing.
The U.S. Department of Energy said some of the eight refineries shut by Katrina could take months to restart, with reports that floodwaters swamped at least three in Louisiana.
European operators have booked 20 gasoline cargoes to the United States since Monday to take advantage of red hot U.S. gasoline prices, brokers said on Thursday.
"Crazy gas (gasoline) prices are certainly reflecting a perception of tighter supply in that product," said Bob Frye, a trader at Access Futures and Options Trading.
"As soon as we start hearing about isolated pockets where gas is unavailable, the emotional response is likely to drive things higher."
The U.S. Environmental Protection Agency said on Wednesday it would ease environmental standards of gasoline and diesel nationwide for two weeks to avert a fuel crunch.
The Strategic Petroleum Reserve (SPR) holds more than 700 million barrels of crude in salt caverns in Louisiana and Texas. It loaned 5.4 million barrels of oil to refiners last year to stabilize supplies after the weaker Hurricane Ivan.
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The U.S. oil industry remained shaken after Hurricane Katrina, with most offshore production from the Gulf of Mexico down, about 10 percent of U.S. refining capacity paralyzed, and pipelines struggling to restart. At least 20 rigs or platforms were adrift, listing, sunk or missing.
The U.S. Department of Energy said some of the eight refineries shut by Katrina could take months to restart, with reports that floodwaters swamped at least three in Louisiana.
European operators have booked 20 gasoline cargoes to the United States since Monday to take advantage of red hot U.S. gasoline prices, brokers said on Thursday.
"Crazy gas (gasoline) prices are certainly reflecting a perception of tighter supply in that product," said Bob Frye, a trader at Access Futures and Options Trading.
"As soon as we start hearing about isolated pockets where gas is unavailable, the emotional response is likely to drive things higher."
The U.S. Environmental Protection Agency said on Wednesday it would ease environmental standards of gasoline and diesel nationwide for two weeks to avert a fuel crunch.
The Strategic Petroleum Reserve (SPR) holds more than 700 million barrels of crude in salt caverns in Louisiana and Texas. It loaned 5.4 million barrels of oil to refiners last year to stabilize supplies after the weaker Hurricane Ivan.
