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Oil, Gas Rise, as Hurricane Ike Heads for Texas Refineries

Bloomberg -- Sept. 12 (Bloomberg) -- Crude oil and gasoline rose as Hurricane Ike headed toward the Texas coast, home to 23 percent of U.S. refining capacity, shutting almost all Gulf of Mexico oil production as it passes.

About 18 percent of U.S. oil processing capacity has been shut before Ike makes landfall today. More than a quarter of U.S. crude production is based in the Gulf Coast region. Evacuations have halted 97 percent of Gulf oil output, the Minerals Management Service said yesterday.

``The big concern is about the products because the refineries aren't running,'' said Tom Bentz, senior energy analyst at BNP Paribas in New York. ``It remains to be seen how much damage will occur, but nobody wants to take chances.''

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Submitted Sep 12, 2008 By: JT

Category: Daily News Article Discussions > Topics	Add to favorite topics Post New Topic

Author	Topic: Oil, Gas Rise, as Hurricane Ike Heads for Texas Refineries	Topic is locked Back to Topics

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ramseller Champion Author Phoenix Posts:5,333 Points:311,465 Joined:Aug 2003	Message Posted: Sep 15, 2008 7:38:35 AM Ignore ramseller Report Abuse It's the News Media and their sensational headlines/tag lines and us suckers that listen to them. I live in Phoenix and fortunately people here (consumers as well as station owners)have not panicked and the prices at the pump have either stayed the same or even gone down at some stations over the last week. I have noticed more people topping off aand hopefully it won't rise to the extent that prices will start to go up. It makes me angry everytin=me the News media declare the price of gas is going up as I consider it tantamount to giving the gas stations permission to raise their prices. I think it didn't have an effect this time because their claim was so outrageous people just ignored them, they actually were claiming gas prices would go up $.50 to $1.00 per gallon overnight. Well I just filled up Sunday at a Shell station for $3.39/gal. - last week they were at $3.43 So much for their prediction!
Don1222 Champion Author Michigan Posts:5,248 Points:587,605 Joined:Jul 2008	Message Posted: Sep 14, 2008 7:11:54 AM Ignore Don1222 Report Abuse Nothing wrong here that alternative fuels won't fix.
tomok Champion Author Portland Posts:16,261 Points:1,190,985 Joined:Aug 2006	Message Posted: Sep 14, 2008 5:34:32 AM Ignore tomok Report Abuse The bigger the hurricane - the bigger the gouge? All right! Break time is over - get back to work! Get this refinery up and back into production..... Get the refineries can get back to production in a short time. Especially, being near the coast - those will get hit harder. Drill offshore on both coasts to help the oil supply when the gulf has a problem(?). More alternative fuels from non food sources. More renewable energy from solar, wind, thermal, tidal, hydro. Support the electrical grid!
nedthenanite Champion Author Mississippi Posts:3,202 Points:608,875 Joined:May 2008	Message Posted: Sep 14, 2008 3:16:54 AM Ignore nedthenanite Report Abuse I'm usually on the side of common sense, but even I gotta wonder who started the "we're running out of gas!" cry. Those refineries will be up and running by late Monday, I'd bet my paycheck on it. ;)
SeerLV Champion Author Las Vegas Posts:2,676 Points:555,185 Joined:Jun 2008	Message Posted: Sep 14, 2008 1:26:24 AM Ignore SeerLV Report Abuse Supply was cut for 23% so the price should have spiked . . . but it did not because the price is no longer based on supply and demand.
DTGas Champion Author Ontario Posts:2,115 Points:426,115 Joined:Feb 2008	Message Posted: Sep 14, 2008 1:25:33 AM Ignore DTGas Report Abuse Why do we have to pay for the oil co's mismanagement or natural troubles that's why there is insurance or 400% profit.
YLHandyman Champion Author Orange County Posts:3,640 Points:658,915 Joined:Feb 2008	Message Posted: Sep 14, 2008 1:10:27 AM Ignore YLHandyman Report Abuse What change?
scrounger Champion Author Vancouver Posts:7,724 Points:2,077,185 Joined:Mar 2003	Message Posted: Sep 14, 2008 1:07:54 AM Ignore scrounger Report Abuse any reason at all
patbob56 Champion Author Colorado Springs Posts:2,890 Points:588,385 Joined:Apr 2006	Message Posted: Sep 14, 2008 1:04:10 AM Ignore patbob56 Report Abuse hmmm
greywolves Champion Author Las Vegas Posts:3,310 Points:1,373,895 Joined:Dec 2004	Message Posted: Sep 14, 2008 1:02:32 AM Ignore greywolves Report Abuse riiight...suckers!!!
childoftibet Champion Author Cleveland Posts:1,730 Points:78,975 Joined:Jul 2008	Message Posted: Sep 14, 2008 1:00:53 AM Ignore childoftibet Report Abuse Guess my vacation plans to head to Florida next week will have to be scrapped. Hard to tell if there will be gas and if so, how much it will be.
jcurley Champion Author California Posts:2,790 Points:675,735 Joined:Dec 2007	Message Posted: Sep 14, 2008 1:00:49 AM Ignore jcurley Report Abuse This seems to be the story of the weekend.
abfpat Champion Author Illinois Posts:22,407 Points:3,167,735 Joined:May 2001	Message Posted: Sep 14, 2008 1:00:14 AM Ignore abfpat Report Abuse like they really need a reason
purvismike Champion Author Wisconsin Posts:1,495 Points:301,910 Joined:Feb 2008	Message Posted: Sep 14, 2008 12:55:11 AM Ignore purvismike Report Abuse vulcan96: and I would read Ohio State Law for..........???
jwells1954 Champion Author Albuquerque Posts:2,778 Points:560,725 Joined:Nov 2007	Message Posted: Sep 14, 2008 12:50:28 AM Ignore jwells1954 Report Abuse Well, I just saw a report the other day that american refineries are only running at 73% capactity - before the storm, so if they up the other refineries, it should cover the southern ones - but of course, if they did that, they could not raise prices so fast.
acknot Champion Author Seattle Posts:1,487 Points:768,300 Joined:Sep 2003	Message Posted: Sep 14, 2008 12:48:24 AM Ignore acknot Report Abuse These days if you sneeze to loud its an excuse to raise prices.
papa9571 Champion Author Toledo Posts:1,127 Points:270,175 Joined:Mar 2006	Message Posted: Sep 14, 2008 12:45:00 AM Ignore papa9571 Report Abuse Even with 4 running refineries in the area gas prices have shot up over 50 cents a gallon in the last 24 hours. And we never have hurricanes on the Great Lakes.
ItisAJeepThing Champion Author Tucson Posts:10,670 Points:1,140,410 Joined:Oct 2006	Message Posted: Sep 14, 2008 12:41:19 AM Ignore ItisAJeepThing Report Abuse Minerals Management, that was the federal office in Denver that was accepting sex and drugs from oil companies. No change in prices here for the last week.
Razzincain Champion Author Kansas Posts:1,341 Points:667,420 Joined:Aug 2005	Message Posted: Sep 14, 2008 12:39:10 AM Ignore Razzincain Report Abuse Up Up we go
bh1995 Champion Author Detroit Posts:1,200 Points:1,159,375 Joined:Jul 2005	Message Posted: Sep 14, 2008 12:38:00 AM Ignore bh1995 Report Abuse Another excuse for high gas price.
vulcan96 Champion Author Ohio Posts:16,764 Points:1,953,010 Joined:Aug 2004	Message Posted: Sep 14, 2008 12:36:39 AM Ignore vulcan96 Report Abuse purvismike - that was NOT a federal law, it was only a state law.!!
Jeff4U Champion Author Atlanta Posts:2,390 Points:706,935 Joined:Nov 2004	Message Posted: Sep 14, 2008 12:36:25 AM Ignore Jeff4U Report Abuse .......... Report gouging by using these links to teach those greedy bastards a lesson: http://gaswatch.energy.gov/ OR for Georgia: Georgia residents are asked to report any suspected incidences of price gouging to the Governor's Office of Consumer Affairs at 1-800-869-1123 ...........
FastAndy Champion Author Indianapolis Posts:3,778 Points:949,415 Joined:Jun 2007	Message Posted: Sep 14, 2008 12:36:09 AM Ignore FastAndy Report Abuse Why is it we get so much oil and gas from this area? And then we refine so much of it right there, too. We need to drill offshore in more locations and refine our fuels in more locations so one or two hurricane can not put us in this bind again.
jannicattu Champion Author Dallas Posts:1,094 Points:237,545 Joined:Jul 2007	Message Posted: Sep 14, 2008 12:33:53 AM Ignore jannicattu Report Abuse = gas price is going up
purvismike Champion Author Wisconsin Posts:1,495 Points:301,910 Joined:Feb 2008	Message Posted: Sep 14, 2008 12:22:49 AM Ignore purvismike Report Abuse A while back the Feds had passed a law that Station Owners had to sell Gas for the Price posted. Also they could not change that Price more than once every 24 hours. I'll believe my picked over news links before others and according to that information which I have read the area hit by IKE has 25% of the Refineries in it. Throw that on top of most Refineries have not been running on full capacity, some still haven't come back online after Gastav and an 8 year low in Inventory numbers for Gas and Heating Oil. There's not enough Refineries in the Northern part of the Country to make a difference. That is why one of the bridges is to BUILD MORE REFINERIES AWAY FROM COSTAL AREAS and DRILL DRILL DRILL. START CONVERSION TO NATURAL GAS!!! Natural Gas has become our most ABUNDANT Commodity in North America. Countries all over the world are switching their vehicles over to consume Natural Gas. IRAN is 1 of them!!! And the biggest cap on Natural Gas is theirs more of it on the Ocean Floor which needs a way to be mined. While we do these things we continue the work on bringing ways and means of Harnessing the Renewable Energy I.E. SOLAR------WIND------GEOTHERMAL I watched a program last night about these people that have developed a Solar Panel that well be mounted onto a Satellite stationed 22,000 miles above the earth. This Solar Panel can collect the Energy of the Sun 24/7, Magnify its Intensity and beam this Energy back to Earth. All is not lost. Its a painful period of time but someone somewhere is working on the solutions to benefit mankind.
lindamay Champion Author Minnesota Posts:1,849 Points:409,335 Joined:Feb 2008	Message Posted: Sep 14, 2008 12:21:55 AM Ignore lindamay Report Abuse It's good not to take chances, but there are always people who think they are smarter/tougher and get hurt.
bluesube Veteran Author Fort Worth Posts:425 Points:107,835 Joined:Jan 2007	Message Posted: Sep 14, 2008 12:17:21 AM Ignore bluesube Report Abuse Houston is way better off than Galveston & they may not have power for weeks. I know a family that decided to ride it out, are on high-ish ground, & apparently didn't bother to have a battery operated radio & batteries. I have sympathy for this family, but how dumb is that? I too hope that people are safe, & hate it if anyone suffered the devestation of their property.
falconmb Champion Author Austin Posts:14,782 Points:612,920 Joined:Jul 2007	Message Posted: Sep 14, 2008 12:17:10 AM Ignore falconmb Report Abuse Wonder how long they'll keep the refineries closed and keep the prices climbing.
doyle16 Champion Author Florida Posts:3,092 Points:632,140 Joined:Oct 2006	Message Posted: Sep 14, 2008 12:15:03 AM Ignore doyle16 Report Abuse The problem in this area (FL panhandle)is gasoline! The majority of gas stations are out of regular gasoline and two stations have NO GASOLINE! Please send gasoline. The gasoline refineries in Louisanna, are without electricity from hurricane GUSTAV. Now, hurricance IKE, has shut down the other major refineries on the gulf coast. I wish that people would not keep the problem makers in Congress and Senate in Washington. Please send help, we need gasoline to get to work.
Wufpak Rookie Author Raleigh Posts:82 Points:31,395 Joined:Jun 2008	Message Posted: Sep 14, 2008 12:06:14 AM Ignore Wufpak Report Abuse Only temporary
AlaRedNeck Champion Author Kansas Posts:1,449 Points:263,350 Joined:Apr 2008	Message Posted: Sep 14, 2008 12:05:40 AM Ignore AlaRedNeck Report Abuse according to MSNBC the refineries didn't suffer any damages.
lindact Champion Author New Haven Posts:3,148 Points:620,535 Joined:May 2008	Message Posted: Sep 14, 2008 12:04:44 AM Ignore lindact Report Abuse It's not like this storm was a big surprise. C'mon - it's hurricane season. Just an excuse.
tobasco Champion Author Los Angeles Posts:4,959 Points:1,212,785 Joined:Mar 2004	Message Posted: Sep 14, 2008 12:03:30 AM Ignore tobasco Report Abuse no gouging...ok gas station owners.
gasie1 Champion Author Maine Posts:4,560 Points:1,397,290 Joined:Nov 2005	Message Posted: Sep 13, 2008 11:59:59 PM Ignore gasie1 Report Abuse Big Oil has been looking for a reason to raise prices.
mpearcex Champion Author Atlanta Posts:1,103 Points:124,550 Joined:Aug 2008	Message Posted: Sep 13, 2008 11:59:50 PM Ignore mpearcex Report Abuse I hope power is up as quickly as possible.
GeoTheo All-Star Author Georgia Posts:911 Points:196,550 Joined:Apr 2008	Message Posted: Sep 13, 2008 11:58:17 PM Ignore GeoTheo Report Abuse hope everyones families are okay
doyle16 Champion Author Florida Posts:3,092 Points:632,140 Joined:Oct 2006	Message Posted: Sep 13, 2008 11:57:00 PM Ignore doyle16 Report Abuse The problem in this area (FL panhandle)is gasoline! The majority of gas stations are out of regular gasoline and two stations have NO GASOLINE! Please send gasoline.
bluesube Veteran Author Fort Worth Posts:425 Points:107,835 Joined:Jan 2007	Message Posted: Sep 13, 2008 11:56:03 PM Ignore bluesube Report Abuse Not a good idea to have all that stuff in one place PRONE TO HURRICANES!
Toppers Champion Author Atlanta Posts:3,257 Points:1,328,760 Joined:Mar 2005	Message Posted: Sep 13, 2008 11:52:12 PM Ignore Toppers Report Abuse They got hit hard!
Sody33 Champion Author Las Vegas Posts:10,630 Points:1,330,520 Joined:Oct 2005	Message Posted: Sep 13, 2008 11:50:20 PM Ignore Sody33 Report Abuse We KNOW the hurricanes are coming --- they come every year. Why can't they think ahead a wee bit???? The best way to handle this whole thing is to drive as little as possible (losing weight walking to the crocers - YUP) and keep that old tank above 1/2 full.
nyacoub1 Champion Author Chicago Posts:1,185 Points:82,335 Joined:May 2007	Message Posted: Sep 13, 2008 11:49:18 PM Ignore nyacoub1 Report Abuse interesting.
traindude Champion Author Virginia Beach Posts:2,524 Points:613,720 Joined:Jun 2007	Message Posted: Sep 13, 2008 11:48:46 PM Ignore traindude Report Abuse seems like we had this headline yesterday
Jacks45 Champion Author Kalamazoo Posts:2,796 Points:775,300 Joined:Jul 2007	Message Posted: Sep 13, 2008 11:42:08 PM Ignore Jacks45 Report Abuse We either pay up now which is not the best time to raise prices. but then on ther other hand if keeping prices low people would get the false understanding thats theres plenty of gas to go around. so this time next week stations would have no gas at all. and would be waiting in line with 100's of others waiting to get gas. So whats left to do, its not like the hurricane was man made.I dont like it either. but we have no real choice.
Gassie1 Champion Author Akron Posts:6,848 Points:1,022,140 Joined:Apr 2007	Message Posted: Sep 13, 2008 11:41:23 PM Ignore Gassie1 Report Abuse It was predicted to cause higher prices and it has
pgerassi Champion Author Milwaukee Posts:4,995 Points:1,000,775 Joined:Apr 2007	Message Posted: Sep 13, 2008 11:36:32 PM Ignore pgerassi Report Abuse Gas rise overblown and shouldn't last. We are required to use RFG and none of it is made south of Indianapolis. Ike is just heavy rain and thunderstorms by the time it gets here.
southpaw33 Champion Author Orlando Posts:2,014 Points:537,440 Joined:Nov 2005	Message Posted: Sep 13, 2008 11:36:14 PM Ignore southpaw33 Report Abuse hmmmm, you for got the letter "r". [Edited by: southpaw33 at 9/14/2008 12:37:24 AM EST]
MitchelSdReview All-Star Author South Dakota Posts:509 Points:104,100 Joined:Jun 2008	Message Posted: Sep 13, 2008 11:33:36 PM Ignore MitchelSdReview Report Abuse One reason or anothe
joel27nc Champion Author Raleigh Posts:4,634 Points:713,595 Joined:Mar 2008	Message Posted: Sep 13, 2008 11:25:34 PM Ignore joel27nc Report Abuse This is the reason to raise prices.
Bleeder Champion Author Virginia Posts:3,080 Points:649,605 Joined:Jan 2008	Message Posted: Sep 13, 2008 11:24:16 PM Ignore Bleeder Report Abuse As if they needed another reason to raise prices.
jay4 Champion Author Colorado Springs Posts:5,011 Points:1,172,535 Joined:Apr 2006	Message Posted: Sep 13, 2008 11:23:56 PM Ignore jay4 Report Abuse Stop greed & speculation (60% of gas price); let's conserve & convert!