Originally Posted by InfernoRedXfire
Not really. They loss several oil platforms in the gulf and it takes weeks to restart the refineries. That is if the electrical service did not get knocked out.
Don't expect to see the price of gas fall as fast as the price of oil. The refineries actually were hurting when the price of oil was so high. They are going to keep the price of gas up to recoup.
Price to recoup, Are u sniffing oil fumes? Read Exxon's quarterly reports!!!!!! How about giving the American people time to recoup from being robbed!!!! Oil supply and demands? The Petroleum Institute has stated there are more oil reserves than previously stated, large new Saudi oil finds, Shale oil, Canadian Sand oil, etc.
I do agree that the regulations, litigation etc needs a major major overhaul and companies that drill in an environmentally responsible manner should not be unrealistically impeded.
Week ahead of time..in New England prices rose .12/gal befire Gustav trickled back then rose .15/before Ike and still up. These increases were when the storms were only half way across the Atlantic. Accordinding to CBS News New England only gets <10% of its oil from the Gulf. No excuses for hikes before any damage is done...no excuses but outright GREED!!!!!!!!!!! Especially by speculators!!!!!!!!!
I would have to disagree with you on the price going up a week before the huricane. Around here, the prices didn't go up until Friday when it looked like Ike could do a lot of damage to the refineries.
WHEN IT LOOKED LIKE IKE could do .... But it didn't!!!! So the public was screwed by what it looked like might happen. When it didn't happen did the price return by an equal amount BELOW the selling price. How stupid do you think we are? Now we are bailing out AIG as well as Bear Stearns and Fannie Freddie on top of this *&^&^*