Oil hits the big 70

[ncmm]

SYDNEY (Reuters) - U.S. oil prices surged to a record above $70 a barrel on Monday as one of the country's biggest storms tore through the U.S. Gulf of Mexico, forcing oil producers and refiners to shut down operations.

:censor: , this is outta control :(

[DEFYANT]

Fuel is becoming a major purchase.:mad2:

I wonder how this will impact the overall motorsport hobby. :confused:

Time to use the company car more.:(

[hitchhiker]

Fuel is becoming a major purchase.:mad2:

I wonder how this will impact the overall motorsport hobby. :confused:

Time to use the company car more.:(
Halliburton, Oil companies, Completely corrupt regime and politicians, The House of Saud, and China!

Surprised...?


:mad2:

[rocknrod]

Halliburton, Oil companies, Completely corrupt regime and politicians, The House of Saud, and China! Surprised...? :mad2:

He just will NOT take his medicine doctor........

[danbike]

Last summer, while waiting at a rentacar counter, the guy ahead of me stated to the clerk, "You can't expect a MERICAN family to ride in a FURRIN mini-van! I reserved a big MERICAN van!!!" The young lady said, oh, so sorry, we'll get one here straight away from the airport. He was smirking when he put his two kids and wife in his MERICAN van.

When it was my turn, I asked the young lady if she was going to warn him about the cost of premium fuel. She replied, he will find out soon enough.

She then changed my reservation from a gas, stick full size to a diesel stick full sized car. We got an honest 58 MPG when you do the conversion from litres to gallons and km to miles. Wish I had a video of the other driver's face when he filled up the first time.:lol:

I will make no comments about the type of hat or boots the first gentleman was wearing.

[Cobra25]

I guess the problem is not what we have to pay for the gas , because what ever it is we have to pay if we want it, but what the problem might end up is if we can get it.

[StevenJ]

No the problem is over speculation by the media. This is a perfect example! Okay, we get very little oil from the gulf of Mexico's off shore rigs. A huge whirlling hurricane is about to pass by and someone on Wallstreet puts two and two together, "Hm, hurricane passing over Gulf of Mexico, there's off shore oil rigs there! By golly the oil stock prices are going to go up yet again!". We really need to open up more pumps in at home and in Canada.

[marauder307]

Don't even get me started...William Shakespeare once wrote that "First thing let's do, let's kill all the lawyers." Sorry Marty...but ol' Willie failed to complete that line. He should have added: "...and the next thing we'll do is kill all the speculators." Hitch, you want to talk about evil corporate America...there it is!

The bottom line is that there is absolutely, ABSO-FREAKIN-OUT-OF-THIS-EFFIN-WORLD-LUTELY NOTHING driving the oil prices...except the triple-damned speculators. Anybody happen to notice? When something anywhere in the world burps...a hurricane in the Gulf, a suicide bomber in Iraq, Kim Jong-Il gets dyspepsia, or some other regawdammeddiculous excuse...the price goes shooting up. But we never hear anything about when the problems are fixed...the hurricane goes away, the damage from the bomber is repaired, Kim figures out how to use Mylanta...and the prices only slide back a little. Up 20$/barrel, down only about 5$/barrel.

Y'know, it's an immutable fact of nature that what goes up must come down. A correlary to that is that the higher it goes the harder it comes down. There's gonna be, to quote James Best, "a horrendous crash"; some oil company's going to go out of business when this bubble bursts...nay, EXPLODES...and the prices come tumbling back down. And it's all the speculators' fault. You can tell me anything you like, but you can't prove it, and I ain't hearing it anyway.

It's all so freakin' stupid.

Hell, we might actually see the days of $1.25 premium gas again...

P.S. late edit here...Hawaii just imposed a price cap on gas prices this last week; it goes into effect this Thursday. Already Chevron and Tesoros Gas have protested this...you're all reasonably smart here, do the math. Who are the gougers here?

[RR|Suki]

Premium is $7.50/Gallon in Europe we have it good... Back in jamaica it's close to 5 for regular, we don't even really have premium fuel

[X369]

Halliburton, Oil companies, Completely corrupt regime and politicians, The House of Saud, and China!

Surprised...?


:mad2:

Thank you!!! Check, please!

Ron

[Bluerauder]

Premium is $7.50/Gallon in Europe

You cannot equate fuel prices in Europe or in Jamaica with those in the US. A huge part of the price in Europe is that an exorbitant tax placed on each liter to cover all of the social programs from health care, education, transportation, and a 32 hour work week and 4-5 vacation weeks per year. This tax accounts for 60 percent or more of the cost of gas overseas. :o

The oil industry should be making a profit from their sales. :rolleyes: A reasonable profit would appear to be in the 5-7% range. Anything higher is price gouging. However, each and every year the oil companies post record profits. I don't mind paying a "fair" price for a gallon of gas ... but why do I feel that the current prices are nothing more than legalized theft. :mad:

[DEFYANT]

I dont buy it!

I understand inflation. But this is wrong. With the BS we are putting up with in the world, this is a problem we should not have. I do not believe that demand is up. If we had the baby-boom again where a significat portion of our society became drivers and car owners, I'd beleive it. That is not the case.

I wonder what the out come of this "political pressure" is going to be.

Perhaps the added demand is due to the Iraq war? All those military vehicles need fuel.....

[hitchhiker]

He just will NOT take his medicine doctor........

This guy must really like me!

He is Soooooo concerned about my medicine.

:P

[MikesMerc]

A few things to consider:

The world is consuming 99% of total available production. We are not talking about oil reserves here, we are talking about actual refined production. It doesn't matter whats in the ground. And when supply barely meets demand a cricket fart can effect the price.

The US shuttered most of its refinery years ago. Why? It was (and still is) cheaper to import. Opening up US refinery operations won't work. The price of gas would have to go up even more if they did. We don't do anything here in the USA cheap anymore. Only when gas/oil prices are high enough will US refinery options even be considered.

World demand for oil has been relatively flat for the last 10 years, but allocation amongst the industrial nations has shifted dramatically. China and Japan consume much more now than they did 10 years go which puts pressure on the west prices.

Now, I don't like the price hikes either, but you can drop all the conspiracy crap. US gas prices are still the best in the world (not inclusive of taxes). We buy it and refine it cheaper than anywhere in the world due to our huge buying power.

Oil companies are not individual physical beings, they are organizations of thousands of people....so don't try to demonize them. Most of them are publicly traded too. So who get's the benefit of the profits....the investing public. And who are the largest investors in the energy companies.....the public. More specifically, your retirement funds, IRAs, etc. The money moves around all through the economy. Sure a few folks make a ton of money (like they do in every industry), but there isn't some old man with "oil company" embroidered on his shirt, sitting in a dark, smoke filled office counting his peices of gold.

Supply and demand. As long as Joe Public pays the price to fill up, Joe Gas Station Man will pump it at that price. Your best defense against higher prices is NOT to pump it at this price.

Finally, as i said to everyone here months ago...its not over. Not by a long shot. Prices aren't going to come down much so forget about it.

We are entering the age of "peak production" now. We are at the top of the bell curve. Cheap oil extraction is maxxed out and begin to wane. If you want to read more about what will be happening over the next few decades read THIS (http://news.bbc.co.uk/1/hi/business/4077802.stm) article. Its not a doomsday panic article either.

I've been very busy following the oil prices the last two years and there is good reason I had our company buy into long term diesel fuel contracts. As it stands we are getting our diesel at slightly less than 80% of those paying current pump prices. Those companies that didn't jump into contracts are in deep doo doo.

My prediciton: Prices will level off by November at roughly $3.10 a gallon for premium (that's based on the DOE Midwest average) :)

[Fourth Horseman]

So you mean it's not a conspiracy by space aliens and the UN to crush our economy?

Whatever the reason, I sure hope it levels out soon. I'm already starting to make plans for what I'm going to do if it breaches $4/gal.

[Bluerauder]

Oil companies are not individual physical beings, they are organizations of thousands of people....so don't try to demonize them.
Until oil companies start posting "reasonable" profits, I will continue to believe that I am being abused by the greedy leadership at the top of the corporate boards. That is where the demons roam. :rolleyes: Why doesn't someone show me a breakdown of the cost of gasoline from the crude sweet barrel, through the refinery to the pump. That ought to be something pretty easy to do ...... unless posting such would demystify the prices and expose the true slack built into the pricing scheme. :shake:

Next you'll try to tell me that the Health Care Industry is really losing money and that aspirins really are $10 a pop in the hospital. :bs:

[RR|Suki]

You cannot equate fuel prices in Europe or in Jamaica with those in the US. A huge part of the price in Europe is that an exorbitant tax placed on each liter to cover all of the social programs from health care, education, transportation, and a 32 hour work week and 4-5 vacation weeks per year. This tax accounts for 60 percent or more of the cost of gas overseas. :o

The oil industry should be making a profit from their sales. :rolleyes: A reasonable profit would appear to be in the 5-7% range. Anything higher is price gouging. However, each and every year the oil companies post record profits. I don't mind paying a "fair" price for a gallon of gas ... but why do I feel that the current prices are nothing more than legalized theft. :mad:

we don't have socialized health care in jamaica, infact there aren't any government subsidised programs. Gas was about 1.80 here in michigan in the early 80s that equates to about 3.30, current average is something like 2.70 here, I just don't think it's time to cry just yet

[redstripe]

Oil hits a high! Yeahhhh!!!! I am making money hand over fist! Whoooohoooo


Where were all the people who loved $0.95 gas in 1998? Things are on a cycle, people, and right now, we oilfield trash are on top :coolman: .

That pricing PAID for my Marauder. I am "countercyclical".

But I do understand that too much is taxes and legal costs, and do not worry about the rigs in the Gulf, worry about the main pipeline at Port Fuchon. If Katrina hits that and does damage, you will have $10/gallon gas.

[marauder307]

but why do I feel that the current prices are nothing more than legalized theft.

Because it is.

Now...to whomever it was that said that the oil companies are controlled by some old man counting his gold...you're right, but only so far as you go. Whomever mentioned that Big Oil is run by committee was also correct....again, as far you took that statement. Put the two together: It's committees counting their gold...which used to be ours, by the way. I don't know about the rest of you but I've got damned little of the stuff as it is and I'd like to be able to hang to a bit more of it...I've got a fiancee to take care of now, and a couple of cats, to say nothing of the Black Hulk.

But I digress. The point I'm trying to make here is that Big Oil is not our friend now nor was it ever. When you're in a business that transacts amounts ranging well into the billions every year, and your salary is measured in six or seven figures AFTER taxes and BEFORE the decimal place, you don't have any friends. You will NEVER have any friends...and so you are a cutthroat. ANYTHING GOES. These guys are willing to let the speculators keep running the show because it does wonders for the profit side of the ledger. Keep jacking the price...keep jacking the profit margin.

Legalized theft it is, and on a truly grand scale indeed. :mad2:

[RF Overlord]

The price gouging over Katrina has already started...a station near me was $2.67 this morning and $2.77 on my way home.

Do NOT attempt to tell me about "world demand" and "cheap oil extraction"...the gas in this station's tanks this afternoon is the same gas that was there this morning. :shake: :censor: :censor: :down:

[Joe Walsh]

A few things to consider:

The world is consuming 99% of total available production. We are not talking about oil reserves here, we are talking about actual refined production. It doesn't matter whats in the ground. And when supply barely meets demand a cricket fart can effect the price.

The US shuttered most of its refinery years ago. Why? It was (and still is) cheaper to import. Opening up US refinery operations won't work. The price of gas would have to go up even more if they did. We don't do anything here in the USA cheap anymore. Only when gas/oil prices are high enough will US refinery options even be considered.

World demand for oil has been relatively flat for the last 10 years, but allocation amongst the industrial nations has shifted dramatically. China and Japan consume much more now than they did 10 years go which puts pressure on the west prices.

Now, I don't like the price hikes either, but you can drop all the conspiracy crap. US gas prices are still the best in the world (not inclusive of taxes). We buy it and refine it cheaper than anywhere in the world due to our huge buying power.

Oil companies are not individual physical beings, they are organizations of thousands of people....so don't try to demonize them. Most of them are publicly traded too. So who get's the benefit of the profits....the investing public. And who are the largest investors in the energy companies.....the public. More specifically, your retirement funds, IRAs, etc. The money moves around all through the economy. Sure a few folks make a ton of money (like they do in every industry), but there isn't some old man with "oil company" embroidered on his shirt, sitting in a dark, smoke filled office counting his peices of gold.

Supply and demand. As long as Joe Public pays the price to fill up, Joe Gas Station Man will pump it at that price. Your best defense against higher prices is NOT to pump it at this price. Finally, as i said to everyone here months ago...its not over. Not by a long shot. Prices aren't going to come down much so forget about it.




BINGO!!!

As long as the public 'sucks it up' and keeps paying these high prices for gas THERE IS NO REASON FOR THEM TO LOWER THE PRICES!!!!

We are in love with BIG, HEAVY, GAS GUZZLING SUVS AND TRUCKS (that 85% of the public DOES NOT NEED) and as long as we keep driving them and filling them up we will continue to get BONED by the Oil companies!

BOHICA!!!! (Bend Over Here IT Comes Again!!)

I'm kind of glad that this is happening....Yes, I understand its' effect on the US Economy and Businesses...but continued high gas prices will force some of these single occupant Behemoth's off the roads and hopefully the owners will choose a vehicle that fits their real driving needs.

[MikesMerc]

BINGO!!!

As long as the public 'sucks it up' and keeps paying these high prices for gas THERE IS NO REASON FOR THEM TO LOWER THE PRICES!!!!


Yep. Simple economics.

If I owned a lemonade stand I would charge as much as I could per glass. I'd take into conisderation my supply of lemons at various bulk purchase points, the price sensitivity of my customers, the current weather as well as the forecast, and a dozen other things. Then, when i know all that, I'd charge the maximum amount that still balances out all the variables to my best advantage. That's called capitalism....the american way I'm afraid.

If I price my lemonade too high, customers walk away leaving me over supplied and in debt.

If I price too low, I leave profit on the table and run short of supplies.

If there is a early summer frost and I think next years lemons will cost double do to low supply, I'm gonna raise my price NOW. I'm not going to wait to raise prices and hope I can stay in business next year.


I'm not trying to tell anyone anything here. I'm not happy about the gas price situation either. But the old and tired "get those dirty corporate bastards" reaction is uneducated and reeks of the fear of the unknown. It demonstrates a complete lack of understanding of how the economics of the oil and gas industry work, and instead reflects the typical media hyped sensationalism that folks who don't know any better eat right up.

I'm not gonna write out 17 years of knowledge observing gas/oil trends here in this post. Nor am I going to try to explain the gas and oil industry. I certainly am not going to change anyone's mind. But, if you want even a small clue of how and why gas prices are what they are, read THIS (http://auto.howstuffworks.com/gas-price.htm)

Its a bit simplistic but it will help folks understand things a lot better. What you'll find is that "oil company" profits have little to do with it. When you understand that 31% of our price is tax, refining and distribution is 26%, and only 43% is the actual cost of crude, the picture becomes clearer. Thow in the fact that many different unrelated companies do the exploration, pumping, crude wholesaling, refining, refined wholesaling, wholesale distribution, retail inventory and distribution, and finally retail outlets, it becomes tricky to pinpoint "who has the money." Simply looking at an oil companys financial statement and seeing "the bottom line" doesn't tell you much either. You have to understand cap x cycles, deferred costs, and R&D cost structures to tell if anyone has any real cash profits.

Oh well. That's all I can add. I return you to your regularly scheduled Bitcsh session:)

[Motorhead350]

I'm glad our gas doors lock! :lol: Well some of us :o I remember when 93 was less then a dollar. Wow I feel old for 19 :depress:

[hitchhiker]

I'm glad our gas doors lock! :lol: Well some of us :o I remember when 93 was less then a dollar. Wow I feel old for 19 :depress:The low-life crooks just cut a gas line hose under the car, take what they can carry, and then leave your car with a growing pool of gas forming underneath it.

Sad but true!

:D

[danbike]

Last summer, in Europe, we rented a car with enough room for 4 adults and their luggage, that gave me 58 MPG after I did the conversions from litres and Euros.

I started thinking when I saw a number of LARGE US SUV's running around with diesels in them. Seems that the US automakers are producing the same SUV's for the european market as we get, but putting diesels in them that require the low sulphur fuel. You know, the one that the US Oil Companies can't seem to figure out how to make over here. What is funny is that you can see Caddys, Chevy's, Chryslers, and on and on; all with the high efficiency engines.

Makes you kind of wonder why we can supply US models in Europe with drive trains that the US Consumer would love to have. Gee, there must be a story in there.

PS>>We did see one Marauder on the expressways in Europe. Man did it move out. Just one issue, I'd hate to be buying fuel for my 04 at $7.00/gallon.

Dan:D

[MikesMerc]

Makes you kind of wonder why we can supply US models in Europe with drive trains that the US Consumer would love to have. Gee, there must be a story in there.



The US automakers firmly beleive that diesel alternatives will not sell well here is the USA. Folks here have many bad misconceptions about diesel power....dirty, "old tech", poor cold starting, etc, etc. There is tons of marketing evidence that suggests the car companies are right. Folks here in the usa just won't go that route en mass.

The future is in the hybrids now anyway. The Auto makers have managed to package them in such a way as to "feel" very close to our current gas guzzling cars. And that is the trick you see. Here in the good ole USA we only like to complain about gas prices.....don't you dare ask us to actually make any lifestyle changes to conserve:D I hate to say that, but its true.

The tip of the iceberg has cropped up now, and were gonna see A LOT more hybirds soon. With the gas cruch here, and here to stay, people are going to be seeking out the hybrids. Gas milage just went up on the list of "buyer preferences" (tracked by the Automotive news) from #8 to #3. Time warp!!...were back in the late 70s again :eek:

[BlackHole]

I garrantee that Oil would fall real hard ,back to realistic levels if all the Truckers in the U.S. would just park and not move an inch. That would get the Federal govt to move real quick to find a solution .

[MM03MOK]

The price gouging over Katrina has already started...a station near me was $2.67 this morning and $2.77 on my way home.
That was yesterday's price for 87 octane. Today the same station went up another 15 cents....$2.93 for 87 and $3.13 for 93!! :eek: :eek:

[bigslim]

The US automakers firmly beleive that diesel alternatives will not sell well here is the USA. Folks here have many bad misconceptions about diesel power....dirty, "old tech", poor cold starting, etc, etc. There is tons of marketing evidence that suggests the car companies are right. Folks here in the usa just won't go that route en mass.

The future is in the hybrids now anyway. The Auto makers have managed to package them in such a way as to "feel" very close to our current gas guzzling cars. And that is the trick you see. Here in the good ole USA we only like to complain about gas prices.....don't you dare ask us to actually make any lifestyle changes to conserve:D I hate to say that, but its true.

The tip of the iceberg has cropped up now, and were gonna see A LOT more hybirds soon. With the gas cruch here, and here to stay, people are going to be seeking out the hybrids. Gas milage just went up on the list of "buyer preferences" (tracked by the Automotive news) from #8 to #3. Time warp!!...were back in the late 70s again :eek:
I usually agree with most of the things you say but this is something I can't agree with.

First off, how can you say that there is no greed from the oil companies :shake: ? Why is the price jumping right now at the stations for the gas that is already in the ground that is already paid for :confused: ?

Second, I don't believe the future is in hybird cars. Did you know that a hybird vehicle really doesn't get good milage when you use all the accessories in it. Hybirds are ok in the city but as soon you hit the highway with the air on it really cuts the mileage. We are to believe that hybird technology is great because this is what Toyota is doing. Everyone knows that the buying public buys into whatever Toyota does. Also, does the cost of a hybird over a regular gas vehicle justify it's worth? Take the Escape Hybird. It carries a $3000 premium over a gas powered Escape. No one tells you that it is more expensive to repair and insure. It would take a lot of gas burning in a gas powered Escape to make up the $3000 premium for the hybird. There are other alternatives to get better mileage.

Third, I know that I will catch flack for this but as long as there is an "Oil Man" in the White House nothing will be done to ease this. Remember, I didn't vote the man. :rolleyes:

[MikesMerc]

First off, how can you say that there is no greed from the oil companies :shake: ? Why is the price jumping right now at the stations for the gas that is already in the ground that is already paid for :confused: ?

Simple answer: Business economics 101. You didn't really read my posts too well at all.

Any industry based on a commodity (energy, precious metal, Livestock, Poultry, Soybeans, etc) are highly price sensitive to any variation in supply and demand. Due to the very nature of commodities, they are priced based on speculation of supply and demand variables. Prices react throughout the ENTIRE commodity supply chain on speculation of supply and demand changes.

For example, if the FDA were to announce a big break out of mad cow disease and further announced plans to slaughter thousands of cows in the near future, the price of beef in stores would jump...today! Oil is reacting no differently.

Like it or not, that's the way the economics of commodities work.


Second, I don't believe the future is in hybird cars. Did you know that a hybird vehicle really doesn't get good milage when you use all the accessories in it. Hybirds are ok in the city but as soon you hit the highway with the air on it really cuts the mileage. We are to believe that hybird technology is great because this is what Toyota is doing. Everyone knows that the buying public buys into whatever Toyota does. Also, does the cost of a hybird over a regular gas vehicle justify it's worth? Take the Escape Hybird. It carries a $3000 premium over a gas powered Escape. No one tells you that it is more expensive to repair and insure. It would take a lot of gas burning in a gas powered Escape to make up the $3000 premium for the hybird. There are other alternatives to get better mileage.

The idea isn't about better mileage, Its about alternative fuel sources altogether. Better fuel mileage is only a band aid on the bigger issue. There needs to be a transference to alternative power sources. Hybrids are a step in that direction.

And, yes, alternative fuel source machines will be more expensive. Of course they are. If they weren't, we'd already be doing more of it right now. The reason we are still a petroleum based world is that its still the cheapest from of energy.


Third, I know that I will catch flack for this but as long as there is an "Oil Man" in the White House nothing will be done to ease this. Remember, I didn't vote the man. :rolleyes:

That's nice and all daryl, but worldwide oil prices are spiking. George doesn't have much to say about world prices. He can influence sure, but not control. Furthermore, if he wanted to keep the oil companies here in the USA as profitable as possible, he would not be discussing releasing 30 million barrels from the Stategic Oil Reserve to offset oil price spikes.

When will poeple realize that the USA cannot continue to use more than 50% of the world's oil production forever? Other 3rd world nations are coming into power and we will be competing for these resources more and more. This reality is nothing new. You only need to do a little reading into the energy industry. This recent spike was predicted 18 months ago. :rolleyes:

To be honest, you guys watch this gas and oil stuff when the prices jump at the pump and you get pissed. I watch it every single day I go to work. And I've been doing it for years. Again, I'm not trying to "defend" big oil. And I am certainly not happy with current prices. But, I am saying that there is A LOT more to what is going on than greedy politicians and corporations. That's the easy answer the media wants you to beleive. Folks better open there eyes and smell the coffee. The world, she is a changin'!

[bigslim]

Remember, all Bush has done is discuss releasing some of the oil reserve. Everyone knows that he will never do it.

[MikesMerc]

Remember, all Bush has done is discuss releasing some of the oil reserve. Everyone knows that he will never do it.

Does he need to?

Prices already dropped on the word he was considering it. Getting prices dropped without actually having to release the oil isn't bad thing.

Whether or not the oil is actually released is irrelevant so long as the intended effect is there.

[bigslim]

Does he need to?

Prices already dropped on the word he was considering it. Getting prices dropped without actually having to release the oil isn't bad thing.

Whether or not the oil is actually released is irrelevant so long as the intended effect is there.
Prices went up 22 cents today. I see they are dropping. What are you doing up now anyway? GO TO BED YOUNG MAN!!!!!

[rayjay]

At least we still have jobs, money, food, clean water, a clean, dry place to live, and cars to actually put this exspensive fuel in. We are far better off than those poor folks on the devestated gulf coast.

[MikesMerc]

Prices went up 22 cents today. I see they are dropping. What are you doing up now anyway? GO TO BED YOUNG MAN!!!!!

LOL...yeah being up late discussing this BS is not my style:)

Pump gas went up, but crude oil dropped on news of the potential release. Doesn't matter, though. George Bush just approved a release of supply from the Strategic Oil Reserve ealry this morning (Wed). We sould see some minor releif.

[SergntMac]

Pump gas went up, but crude oil dropped on news of the potential release. Doesn't matter, though. George Bush just approved a release of supply from the Strategic Oil Reserve ealry this morning (Wed). We sould see some minor releif. How does this work?

Seven off shore refineries in the Gulf affected by Katrina are out of service. The customary 1 million barrels of crude they process daily isn't getting processed. No one is home, they're all out of town. The pipeline from Houston to the North Atlantic coast is also out of operation, a pipeline that carries all sorts of fuel, pump gas to aviation fuel. In the law of supply and demand, supply is absent, and it's not just crude oil.

New Orleans, Biloxi and Gulfport are major seaports. New Orleans is under water and still flooding. Biloxi is destroyed and they can't find Gulfport, at least CNN is not showing the pictures. With international shipping stalled with an uncertain future, there's a lot more than gasoline at stake.

CNN reports this AM, that the only operations underway in New Orleans is evacuation. Biloxi is still in rescue mode. Aid and assistance is still "off shore" for 100 miles around these cities. Demons in the boardroom? Perhaps, but we're about to lose a major city in America, a city that supports the quality of life in America. Pump gas pricing is short sighted, it's the least of my worries at the present time. BTW, up 16 cents yesterday, haven't seen it today, but I expect another dime by dinner.