Oil Falls to Six-Month Low as Refineries Escape Major Damage

Sept. 14 (Bloomberg) -- Crude oil fell to a six-month low in New York and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.
Almost 20 percent of the U.S.'s oil refining capacity was shut, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves. New York Mercantile Exchange electronic trading opened early to allow traders to respond to Ike.
``It looks like we've dodged another bullet,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``The refineries in the Houston area seem to have come out of the storm remarkably intact.''
Crude oil for October delivery fell $2.07, or 2.1 percent, to $99.11 a barrel at 2:44 p.m. on the Nymex. Futures touched $98.55, the lowest since Feb. 26. Prices are up 25 percent from a year ago. Gasoline for October delivery fell 12.31 cents, or 4.4 percent, to $2.6465 a gallon in New York.
CME Group Inc., the world's biggest futures exchange, began Nymex electronic trading of energy contracts at 10 a.m. New York time today.
Oil in New York has fallen 33 percent from a record $147.27 a barrel on July 11 as high prices and slowing global economic growth reduce demand for fuels. Sales at U.S. retailers dropped in August for a second straight month and July inventories at American businesses increased the most in four years, Commerce Department reports showed last week.

Source: Bloomberg
Related: The Oil Drum looks at the results of a shortage caused by low inventories



You wouldn't know it the way the retards around here are acting. I also found a video uploaded to CNN taken locally.

All those people loading up with gas are part of the "Me! Me! Me!" America, who have no sense of thinking of the community at large. Instead of altering their schdule to fit a potential reduction of a resource, they rush to the gas stations to hoard them some fuel. Shameful.

As for me, I have stayed at home since I got home Thursday night. I note that most of my neighbors (wih the exception of you JR) have been in and out several times today.

I'll be taking note of the fuel situation in Sylva tomorrow as I make my way to WCU.

Previously:


Price Gouging Laws Are Evil



Gas Panic in Jackson County North Carolina !!!