It looks like Rita isn't going to bring $5 a gallon gasoline anytime soon.
Quote:
Petrochemical plants that supply a quarter of the nation's gasoline suffered only a glancing blow, with just one major plant facing weeks of repairs. The reflooding in New Orleans from levee breaks was isolated mostly to areas already destroyed and deserted, and could be pumped out in as little as a week. And contrary to dire forecasts, Rita and its heavy rains moved quickly north as a tropical depression instead of parking over the South for days and dumping a predicted 25 inches of torrential rains...
...Crude oil and gasoline futures traded lower Sunday, a response to news that damage to refineries was relatively light. The 255,000-barrel-per-day Valero Energy Corp. plant in Port Arthur appeared to be the most heavily damaged, facing at least two weeks of repairs from significant damage to two cooling towers and a flare stack.
I expect the market to take a big jump today after discounting last week based on a more damaging Rita. I gotta get off of here and decide what I want to buy when the bell sounds.
This is good news, of course it could be partially due to the fact that there is a strong possibility that congress as well as the states are investigating price gouging after Katrina and the oil companies do not want to stick their necks any further into the noose then they already have![:@]
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The Tazman aka Martin Price
Proud father of a Devil Dog
There are rumors that Congress will revisit the Energy Bill and address some of the more contentious issues that weren't touched in the recently passed bill. May hear something this week. Maybe easing of offshore drilling requirements and refinery construction.
Rita Brings Lower Gas Prices
