$100 A Barrel Oil is on the Way

[Velo Vol]

On This Week In History, Gas Prices Have Never Been Higher | ZeroHedge

 

[VolsSportsFan]

Gas has already shot back up about $.60/gal here since it got down to about $3.00. Of course it took forever to trickle down that far and seemingly overnight it jumped up $.25/gal.

 

[Velo Vol]

Maybe we'll get a bonus hurricane price spike.

 

[VolsNSkinsFan]

$3.85 in ATL.

 

[TennTradition]

$3.95 here in mid-MI.

 

[VolsNSkinsFan]

Venezuela refinery explosion death toll rises to 39 | World news | guardian.co.uk

A refinery blew up in Venezuela killing 39. Govt officials said it would be restarted tomorrow, yea right. With this hurricane we could get a super spike over $5. It might be wise to fill up today

 

[Velo Vol]

On the demand side:

 

[govols09]

Venezuela refinery explosion death toll rises to 39 | World news | guardian.co.uk

A refinery blew up in Venezuela killing 39. Govt officials said it would be restarted tomorrow, yea right. With this hurricane we could get a super spike over $5. It might be wise to fill up today

Not gonna happen

 

[VolsNSkinsFan]

Not gonna happen

The refinery is still on fire and a couple of years ago every ATL gas station ran out of gas after a small hurricane knocked out power to refineries and pipeline pumps. If you have to commute to work using a car like I do, I don't gamble when a hurricane is aiming for our refineries

 

[Gramps]

Just saw a report on TV saying 93% of the US Gulf oil output shut down due to Isaac.

get ready for a big increase at the pump.

 

[VolsNSkinsFan]

its about 20% of total US production, but thats not the issue. Its the refineries that are the issue. If they lose power or flood, they can take days to get back up and running

Gasoline Rising to Holiday Record as Storm Surge Pressures Obama - Bloomberg

Gasoline advanced yesterday as refiners including Exxon Mobil Corp., Phillips 66 (PSX) and Valero Energy Corp. (VLO) said they are temporarily shutting down Gulf Coast plants as Isaac churns toward the Louisiana coast.

Six plants with a combined ability to process about 1.15 million barrels of crude a day are shut, according to data compiled by Bloomberg. That’s 6.7 percent of U.S. capacity.

In addition, plants including Motiva Enterprises LLC’s Norco, Louisiana, Exxon’s Baton Rouge operations and Marathon Petroleum Corp.’s Garyville facility are at lower rates. Valero’s Memphis plant was said to be operating at minimum rates after Royal Dutch Shell Plc shut the Capline pipeline that transports crude oil from the Gulf to the Midwest.

 

[myrobbins7]

Gasoline prices up nearly 9% in August: AAA

 

[VolsNSkinsFan]

Hit a 3 year low today $73.83

 

[LouderVol]

Hit a 3 year low today $73.83

is it strange that I am no longer excited about dropping gas prices and just suspicious? I keep believing its too good to be true.

 

[VolsNSkinsFan]

It's the evil speculators.

 

[govols09]

My airline stock has been good to me over the past two months.

 

[volinbham]

It's the evil speculators.

I'm anxiously awaiting the Congressional hearings...

 

[Rasputin_Vol]

is it strange that I am no longer excited about dropping gas prices and just suspicious? I keep believing its too good to be true.

Your senses are not deceiving you. The Saudis are overproducing in order to drive the price down so that it hurts Russia. Anybody with a brain cell can see what is going on, and other OPEC nations are pizzed off about the low prices.

 

[Velo Vol]

Your senses are not deceiving you. The Saudis are overproducing in order to drive the price down so that it hurts Russia. Anybody with a brain cell can see what is going on, and other OPEC nations are pizzed off about the low prices.

The Saudis can move the price down $25? Amazing.

 

[Obsessed]

The Saudis can move the price down $25? Amazing.

They can if they want. I read a article the other day though that stated they could fiscally go no lower than 70 a barrel.

 

[volprof]

Your senses are not deceiving you. The Saudis are overproducing in order to drive the price down so that it hurts Russia. Anybody with a brain cell can see what is going on, and other OPEC nations are pizzed off about the low prices.

Don't mess with the real bear, buddy.

 

[Velo Vol]

They can if they want.

They could easily drive it up $25 on their own by cutting supply. Cutting it $25 is a different matter.

 

[Obsessed]

They could easily drive it up $25 on their own by cutting supply. Cutting it $25 is a different matter.

Yeah. Folks said the same thing after carter was in office. "We will never see $1.00 gallon gas again. Wll guess what, we did.

 

[Velo Vol]

 

[Gramps]

Yeah. Folks said the same thing after carter was in office. "We will never see $1.00 gallon gas again. Wll guess what, we did.

Gas prices were never over a $1.00 in the 1970's.