Thursday, November 20, 2008 12:43:44 PM
Featured Sponsor
Save 5% on gas
Get a 5% rebate on gas purchases with the Discover Card*
Click here for more info

Add gas prices to your web site.
Click here to find out how!
GasBuddy News Article


Oil and Gas Production Is Suspended, but Prices Are Stable
Saturday, September 06, 2008
The New York Times -- HOUSTON — Energy companies shut down production and refining operations throughout the weekend in preparation for an intensifying Hurricane Gustav to hit in the heart of the Gulf of Mexico oil patch. The Gulf Coast region accounts for about 25 percent of domestic oil production and nearly 15 percent of natural gas output, so severe damage to platforms and refineries could cause gasoline prices to spike for several weeks or more, as it did after Hurricanes Katrina and Rita in 2005. The storm’s approach caused crude oil prices to increase in a special early trading session at the New York Mercantile Exchange on Sunday. By late in the evening, crude oil had risen to above $116 a barrel. By Monday, however, oil prices fell as the hurricane weakened. In electronic trading, oil dropped $3.37 to $112.09 a barrel. Regular trading was closed Monday because of Labor Day. Oil was also down in London.

Visit The New York Times for full article

Message Forum - Read Message
Category: Daily News Article Discussions > Topics Add to favorite topics  Post New Topic
Rate this topic:  Low   1 - 2 - 3 - 4 - 5  High  Avg rating: 0.0  (0 votes)
Author Topic: Oil and Gas Production Is Suspended, but Prices Are Stable Post a ReplyBack to Topics
JT
Moderator

Message Posted: 9/6/2008 8:33:30 AM  Ignore JT Report Abuse
Saturday, September 06, 2008
The New York Times -- HOUSTON — Energy companies shut down production and refining operations throughout the weekend in preparation for an intensifying Hurricane Gustav to hit in the heart of the Gulf of Mexico oil patch. The Gulf Coast region accounts for about 25 percent of domestic oil production and nearly 15 percent of natural gas output, so severe damage to platforms and refineries could cause gasoline prices to spike for several weeks or more, as it did after Hurricanes Katrina and Rita in 2005. The storm’s approach caused crude oil prices to increase in a special early trading session at the New York Mercantile Exchange on Sunday. By late in the evening, crude oil had risen to above $116 a barrel. By Monday, however, oil prices fell as the hurricane weakened. In electronic trading, oil dropped $3.37 to $112.09 a barrel. Regular trading was closed Monday because of Labor Day. Oil was also down in London.

Visit The New York Times for full article
REPLIES (newest first)
cdaisey
Veteran Author
Maine

Posts:287
Points:17,640
Joined:Jan 2008
Message Posted: 9/9/2008 7:25:14 AM  Ignore cdaisey Report Abuse
scary
gas101CA
All-Star Author
California

Posts:632
Points:74,855
Joined:Aug 2008
Message Posted: 9/9/2008 12:14:37 AM  Ignore gas101CA Report Abuse
woho

[Edited by: gas101CA at 9/9/2008 1:15:00 AM EST]
bwatchin
Champion Author
Texas

Posts:6,124
Points:471,320
Joined:May 2007
Message Posted: 9/8/2008 10:25:22 AM  Ignore bwatchin Report Abuse
Always gonna be natural disasters, some real bad, some not so bad. The problem that brought on the huge spike was about making money, AKA "just because" and "cause I said so," excuses. We need to push for price controls on domestic production oil and gas. Once those prices are controlled then allow lots of drilling, no exporting on new wells. Allow special allowances and pricing on natural and propane type gas conversions for existing, and new vehicles, without voiding warranties, also lowering air pollution. These small steps will help keep jobs and rescue the American auto industry. Common sense small steps keep down big tax burdens.
FASTER345
Rookie Author
Los Angeles

Posts:70
Points:256,255
Joined:Apr 2006
Message Posted: 9/8/2008 10:22:35 AM  Ignore FASTER345 Report Abuse
Ay caramba!
MikeMOD
Sophomore Author
Milwaukee

Posts:168
Points:319,105
Joined:Nov 2006
Message Posted: 9/8/2008 10:11:14 AM  Ignore MikeMOD Report Abuse
Now we lose because of speculation on the hurricanes, what next?
Cyberpeep24
Champion Author
Oakland

Posts:1,550
Points:129,120
Joined:Apr 2008
Message Posted: 9/8/2008 9:55:25 AM  Ignore Cyberpeep24 Report Abuse
We got lucky this time, but hurricane season is nowhere near over
Somis1
Champion Author
Ventura

Posts:4,897
Points:1,062,225
Joined:Jul 2005
Message Posted: 9/8/2008 9:44:46 AM  Ignore Somis1 Report Abuse
This time......
waterman71
All-Star Author
Michigan

Posts:608
Points:107,490
Joined:Dec 2007
Message Posted: 9/8/2008 9:44:01 AM  Ignore waterman71 Report Abuse
Whatever
dabuzman
Champion Author
Seattle

Posts:1,172
Points:468,480
Joined:Apr 2006
Message Posted: 9/8/2008 9:43:50 AM  Ignore dabuzman Report Abuse
Only the eye of the big one is still coming. So hang one!
deerchaser
Sophomore Author
Lincoln

Posts:180
Points:550,275
Joined:Sep 2005
Message Posted: 9/8/2008 9:43:32 AM  Ignore deerchaser Report Abuse
And what makes anyone think the price will not go up with Ike? it's a major hurricane and it's in the gulf. The price will go up, how high will depend upon the damage done.
Don20
Champion Author
Oklahoma City

Posts:1,525
Points:1,013,770
Joined:Mar 2005
Message Posted: 9/8/2008 9:41:59 AM  Ignore Don20 Report Abuse
Hang on to your hat, there is more storms coming..
Dragoniar
Sophomore Author
Grand Rapids

Posts:190
Points:314,600
Joined:Aug 2005
Message Posted: 9/8/2008 9:41:18 AM  Ignore Dragoniar Report Abuse
if we would only see at the pumps.
prajes88
Veteran Author
San Bernardino

Posts:372
Points:79,730
Joined:Aug 2008
Message Posted: 9/8/2008 9:40:09 AM  Ignore prajes88 Report Abuse
that's right
esquared
Champion Author
Oklahoma City

Posts:1,401
Points:629,975
Joined:Jan 2006
Message Posted: 9/8/2008 9:38:56 AM  Ignore esquared Report Abuse
Bear in mind there was no "severe damage to platforms and refineries" caused by Katrina and Rita, just as there was none from Gustav. The price increases were anticipatory speculation, "just in case...!"
sdarling
Sophomore Author
Ohio

Posts:152
Points:52,590
Joined:Aug 2008
Message Posted: 9/8/2008 9:34:11 AM  Ignore sdarling Report Abuse
I wonder if prices will go up with IKE?
sdarling
Sophomore Author
Ohio

Posts:152
Points:52,590
Joined:Aug 2008
Message Posted: 9/8/2008 9:33:28 AM  Ignore sdarling Report Abuse
Old news, now it's IKE turn.
LaCajunDJ
Veteran Author
Louisiana

Posts:384
Points:89,180
Joined:Jul 2008
Message Posted: 9/8/2008 9:31:39 AM  Ignore LaCajunDJ Report Abuse
Yeah yeah yeah...they tell You what they want You to hear....old news!
DFleming
Veteran Author
Alberta

Posts:397
Points:82,695
Joined:May 2008
Message Posted: 9/8/2008 9:31:29 AM  Ignore DFleming Report Abuse
Gas prices don't seem to be dropping as fast as oil prices though
jeep2003
Rookie Author
New York

Posts:60
Points:101,800
Joined:May 2008
Message Posted: 9/8/2008 9:29:45 AM  Ignore jeep2003 Report Abuse
Here we go again. Production in the Houston, yes suspend but not throughout the whole country. The East and West Coasts can still produce there is no threat there. But because one area has to be shut down so do they all.... Prices stable - wait the moment Ike gets any closer to the Florida Keys the price is going to rise. Gas up now because in about 12 to 24 hours I see the price climbing.

[Edited by: jeep2003 at 9/8/2008 10:30:12 AM EST]
robertsss
All-Star Author
Hamilton

Posts:761
Points:92,705
Joined:Jun 2008
Message Posted: 9/8/2008 9:26:40 AM  Ignore robertsss Report Abuse
they have held up before and will again
SeerLV
All-Star Author
Las Vegas

Posts:537
Points:132,015
Joined:Jun 2008
Message Posted: 9/8/2008 9:22:56 AM  Ignore SeerLV Report Abuse
Here comes Ike . . .
Sealer
Champion Author
Charleston

Posts:2,689
Points:300,105
Joined:Jan 2008
Message Posted: 9/8/2008 9:22:28 AM  Ignore Sealer Report Abuse
Perhaps the media will tire of gloom and doom stories soon (especially as they prove to be wrong so often).
2009TDI
Veteran Author
San Diego

Posts:471
Points:87,920
Joined:Aug 2008
Message Posted: 9/8/2008 9:19:51 AM  Ignore 2009TDI Report Abuse
here comes the next hurricane...be ready for the deluge (of stories not rain)!
hank1326
All-Star Author
Los Angeles

Posts:505
Points:126,730
Joined:Jun 2008
Message Posted: 9/8/2008 9:16:39 AM  Ignore hank1326 Report Abuse
Prices in Southern California is dropping steadily including recent huge dips in diesel prices.
GasholeMI
Champion Author
Lansing

Posts:1,485
Points:114,515
Joined:Jul 2008
Message Posted: 9/8/2008 9:15:29 AM  Ignore GasholeMI Report Abuse
Please change this story. There must be other articles out there that are not this old.
cbpilot
Sophomore Author
Riverside

Posts:186
Points:395,200
Joined:Dec 2006
Message Posted: 9/8/2008 9:14:10 AM  Ignore cbpilot Report Abuse
There is no oil shortage. It's all a hoax and we are being taken for a ride.
amacquarrie
Veteran Author
Nevada

Posts:333
Points:77,235
Joined:Jun 2008
Message Posted: 9/8/2008 9:12:54 AM  Ignore amacquarrie Report Abuse
any excuse to raise prices
stadlgi
All-Star Author
Akron

Posts:884
Points:855,295
Joined:Jun 2004
Message Posted: 9/8/2008 9:12:06 AM  Ignore stadlgi Report Abuse
Here we go again.
acknot
All-Star Author
Seattle

Posts:872
Points:642,575
Joined:Sep 2003
Message Posted: 9/8/2008 9:11:46 AM  Ignore acknot Report Abuse
this news is really old
fastTC
Veteran Author
Illinois

Posts:430
Points:267,125
Joined:Jan 2007
Message Posted: 9/8/2008 9:09:17 AM  Ignore fastTC Report Abuse
the price needs to keep dropping!
USAFA82
Champion Author
Colorado Springs

Posts:1,520
Points:258,795
Joined:Feb 2008
Message Posted: 9/8/2008 9:09:10 AM  Ignore USAFA82 Report Abuse
ok...
hugrad2005
Sophomore Author
Kansas

Posts:128
Points:55,800
Joined:Jun 2008
Message Posted: 9/8/2008 9:07:33 AM  Ignore hugrad2005 Report Abuse
This is old news. Are we running out of article ideas?
AC-302
Champion Author
Los Angeles

Posts:8,366
Points:1,316,380
Joined:Aug 2004
Message Posted: 9/8/2008 9:07:00 AM  Ignore AC-302 Report Abuse
I'm sure the refinery capacity is coming on line quickly. After all, what company would want to lose the opportunity of making money right away after a shutdown?
hblee
Veteran Author
Ontario

Posts:369
Points:246,120
Joined:May 2004
Message Posted: 9/8/2008 9:05:04 AM  Ignore hblee Report Abuse
Thought the word news meant that it should be new.
hankmercury
Sophomore Author
Oklahoma

Posts:105
Points:345,170
Joined:Nov 2004
Message Posted: 9/8/2008 9:04:56 AM  Ignore hankmercury Report Abuse
They said on the News this morning that Ike is a Puppy. Nothing more than a 2 at the most but Hatti is flooding. Also gas has droped here to $3.39 a gal but there are some hikers that are still at $3.49 & more.
Fisch2
Veteran Author
Grand Rapids

Posts:338
Points:134,270
Joined:Nov 2005
Message Posted: 9/8/2008 9:04:34 AM  Ignore Fisch2 Report Abuse
like I said before, this article was written Aug. 31...
Jeff4U
Champion Author
Atlanta

Posts:1,927
Points:551,935
Joined:Nov 2004
Message Posted: 9/8/2008 9:03:41 AM  Ignore Jeff4U Report Abuse
Very old news. Gustav is a distant memory.
bruinsfanON
Veteran Author
London

Posts:362
Points:26,990
Joined:Aug 2008
Message Posted: 9/8/2008 9:02:48 AM  Ignore bruinsfanON Report Abuse
labour day, isn't that old news
roadkillGA
Champion Author
Georgia

Posts:1,286
Points:142,390
Joined:Jun 2008
Message Posted: 9/8/2008 9:01:48 AM  Ignore roadkillGA Report Abuse
old
Gas_Buzzer
Champion Author
South Carolina

Posts:6,460
Points:1,105,325
Joined:Sep 2005
Message Posted: 9/8/2008 9:01:22 AM  Ignore Gas_Buzzer Report Abuse
Actually, prices should be falling.
Toppers
All-Star Author
Atlanta

Posts:882
Points:857,875
Joined:Mar 2005
Message Posted: 9/8/2008 8:59:37 AM  Ignore Toppers Report Abuse
Waitin' on Ike!
Lengas
Champion Author
Gary

Posts:4,644
Points:1,111,445
Joined:Nov 2004
Message Posted: 9/8/2008 8:57:31 AM  Ignore Lengas Report Abuse
Pure BS. Up 10 cents/gallon here.
domer2
All-Star Author
Gary

Posts:872
Points:379,000
Joined:May 2007
Message Posted: 9/8/2008 8:56:37 AM  Ignore domer2 Report Abuse
looks like a price hike is coming.
Matts_Pap
Champion Author
Pennsylvania

Posts:1,277
Points:196,690
Joined:Feb 2008
Message Posted: 9/8/2008 8:53:05 AM  Ignore Matts_Pap Report Abuse
Gustav is gone, IKE is the next in line.
TommyTraveler
Veteran Author
Cincinnati

Posts:413
Points:78,630
Joined:Nov 2007
Message Posted: 9/8/2008 8:52:36 AM  Ignore TommyTraveler Report Abuse
Oil has jumped $2.72 a barrel so far in early trading this morning on the fears of Hurricane Ike.

http://money.cnn.com/

[Edited by: TommyTraveler at 9/8/2008 9:55:22 AM EST]
Blackice
Champion Author
Twin Cities

Posts:1,797
Points:496,535
Joined:Oct 2003
Message Posted: 9/8/2008 8:51:41 AM  Ignore Blackice Report Abuse
Here we go again people!

Crude oil gained $2 to around $108 a barrel, rebounding from a five-month low on worries that Hurricane Ike would tear through the Gulf of Mexico.

And I would of played Pro-football if I weighted 60 pounds more.

[Edited by: Blackice at 9/8/2008 9:53:38 AM EST]
Brockvillian
Veteran Author
Ontario

Posts:437
Points:277,245
Joined:May 2007
Message Posted: 9/8/2008 8:48:49 AM  Ignore Brockvillian Report Abuse
Whatever!
mplato
Champion Author
Columbia

Posts:1,292
Points:425,230
Joined:Jun 2004
Message Posted: 9/8/2008 8:39:31 AM  Ignore mplato Report Abuse
roller coaster hill approaching.
scrounger
Champion Author
Vancouver

Posts:6,266
Points:1,682,620
Joined:Mar 2003
Message Posted: 9/8/2008 8:36:44 AM  Ignore scrounger Report Abuse
I won't be holding my breath
AlaRedNeck
Champion Author
Kansas

Posts:1,172
Points:209,900
Joined:Apr 2008
Message Posted: 9/8/2008 8:36:00 AM  Ignore AlaRedNeck Report Abuse
this article is several days old
Post a replyBack to Topics 

"Consumers working together to save on gas"
About Us | Privacy Policy | Disclaimer | Advertise With Us | Advertiser Log In | Contact Us   GasBuddy Organization Inc.