Guess what

[Dawg52]

Another darn hurricane appears to be headed to the gulf. "Rita" is her name and destruction is her game. Weather channel says it could be a cat 1 or 2 by time it enters the gulf. Better go fill up your tanks, oil already up $4 today.  This is getting old. 

 

[brewer12345]

October natural gas futures are up almost 11% today Makes me glad I put off converting from heating oil...

 

[Telly]

Yeah I've been watching it for the last few days.  Worst place to hit would be refinery/chemical coast here in Texas.  If refinery coast gets hit, coupled with the continued outage of many of the LA refineries, there will be gigantic shortages all across the country.  It will be like early 1974, where it was I'll pay any price for some gas, any gas.

On the people side, there just isn't any room in North, Central and East Texas to absorb a major Texas hurricane outflow of people from the Texas Gulf.  No room at the inn.  Full up everywhere.  About every apt. that couldn't be rented before is now occupied.  TX has absorbed all the people it can.  State and local goverments will be going into the deep red if the Feds don't come through with supplemental evacuee funding real soon.

We need Rita to take a liking to Fidel, and chase him and his cigars around the island 

 

[ShokWaveRider]

Funny how when we had all those hurricanes in the past 5 years, we did not get this oil price increase in such a drastic manner. Could it be price gouging (sp) on behalf of investors? also the Oil company profits now are so huge you think they would do something to kurb prices. No, they love it.

SWR

 

[moghopper]

Funny how when we had all those hurricanes in the past 5 years, we did not get this oil price increase in such a drastic manner. Could it be price gouging (sp) on behalf of investors? also the Oil company profits now are so huge you think they would do something to kurb prices. No, they love it.

Of course, the gap between supply and demand is much tighter now, which does have an effect.

If I were selling something, I would sell all the market could bear. When selling a house, I attempt to maximize my profit. I try to maximize my salary. If I had an oil well, I wouldn't be cutting prices.

 

[brewer12345]

Funny how when we had all those hurricanes in the past 5 years, we did not get this oil price increase in such a drastic manner. Could it be price gouging (sp) on behalf of investors? also the Oil company profits now are so huge you think they would do something to kurb prices. No, they love it.

SWR

Some very smart people who have been following oil& gas for more years than I have been working have explained at length the economics of the industry. In a nutshell:

- There is no more pumping capacity to get more crude out of the ground
- The entire infrastructure of getting oil to refineries is stretched (check out oil tanker rates)
- Nobody has built a new refinery in my lifetime
- The infrastructure to get the refined product to the end user/consumer is strained and torn up by Katrina
- Demand has grown tremendously while supply has not. Also, demand is VERY inelastic (i.e. people will pay anything for gas)

Add it all up and you get a very tenuous supply-demand balance that sees prices shoot up at the slightest supply constriction. Ain't gonna change unless demand slows, which will only happen if the global economy slows.

 

[Marshac]

October natural gas futures are up almost 11% today    Makes me glad I put off converting from heating oil...

I wish I had a wood or pellet stove

 

[brewer12345]

Let's just hope we don't have shortages. Higher prices are painful, but I am not eager to be freezing in the dark simply because there is no fuel available.

 

[kz]

I stopped at the gas station on the way home from errands today and then called DH and told him to do the same.

And for the last three days we've been cutting, splitting and stacking firewood for next yr. The current year's stack is already in the woodshed. We always try to stay one year ahead of the game. (and we actually enjoy the work)

 

[REWahoo]

I stopped at the gas station on the way home from errands today and then called DH and told him to do the same.

And for the last three days we've been cutting, splitting and stacking firewood for next yr.

T-Al, has the stuffed beaver started gathering nuts for the winter?

 

[LOL!]

Went out at lunch today to start building my hurricane kit. Mostly worried about trees falling on my house.

I don't drive much -- I haven't bought gas in more than a month -- so I don't pay much attention to gas prices. I had to pay $2.26 a gallon today.

 

[LovesLife]

I had to pay $2.26 a gallon today.

LOL,
Where are you from?

LL

 

[Calgary_Girl]

Better go fill up your tanks, oil already up $4 today.  This is getting old. 

Yeah, but it's great for my stock portfolio since I'm long in energy stocks and income trusts.

 

[BigMoneyJim]

Thinking fears were overblown, I didn't get gas when Katrina hit and that cost me about $0.80/gallon to wait a couple of days until my tank was empty.

If I wasn't near-full I'd fill up today.

I hope gas doesn't go crazy because I'm hoping to move in November. At least heating bills won't be as much an issue in Texas. (That's not why I'm moving.)

 

[LOL!]

I live near Houston, TX.

 

[REWahoo]

I hope gas doesn't go crazy because I'm hoping to move in November. At least heating bills won't be as much an issue in Texas. (That's not why I'm moving.)

After all the warnings JG, Ol_Rancher and I have given you about living in TX and you're moving here?!

 

[Mr._johngalt]

After all the warnings JG, Ol_Rancher and I have given you about living in TX and you're moving here?!  

Not only that, but I just today got my first electric bill for the condo...........
25 days, mostly unoccupied - $130??
What the hell is that?

JG

 

[Gone4Good]

Funny how when we had all those hurricanes in the past 5 years, we did not get this oil price increase in such a drastic manner. Could it be price gouging (sp) on behalf of investors? also the Oil company profits now are so huge you think they would do something to kurb prices. No, they love it.

SWR

Please, Please, Please! I beg you! Do not, I repeat, do not, wish for price controls, excess profit taxes, or any of the other nonsense that wrecked the economy in the 1970's.

 

[Mr._johngalt]

Please, Please, Please!    I beg you!    Do not, I repeat, do not, wish for price controls, excess profit taxes, or any of the other nonsense that wrecked the economy in the 1970's. 

There is no such thing as price gouging, obscene profit, excessive
compensation, hate speech, hate crimes, etc. These are all inventions of
leftist PC busybodies who don't have a life. It's all nonsense!

JG

 

[moghopper]

There is no such thing as price gouging, obscene profit, excessive
compensation, hate speech, hate crimes, etc. These are all inventions of
leftist PC busybodies who don't have a life. It's all nonsense!

While I find so-called hate speech to be disgusting, I find the "regulation" of it to be a violation of the right to free speech.

 

[BigMoneyJim]

After all the warnings JG, Ol_Rancher and I have given you about living in TX and you're moving here?!

I was born Texan! I'm coming back to help keep the yankees away.

Plus we need to finish fencing in the state zoo. (It's north of the Red River and Lake Texoma.)

 

[Gone4Good]

There is no such thing as price gouging, obscene profit, excessive
compensation, hate speech, hate crimes, etc.  These are all inventions of
leftist PC busybodies who don't have a life.  It's all nonsense!

JG

Nope. But in a constrained energy market, consumption has to be rationed in some manner. You can have it rationed through high prices or you can have it rationed by gasoline lines and rolling electricity blackouts.

 

[Mr._johngalt]

I was born Texan! I'm coming back to help keep the yankees away.

Plus we need to finish fencing in the state zoo. (It's north of the Red River and Lake Texoma.)

Are you talking about Oklahoma?  That's gonna take a lot of fence.  

JG

 

[bosco]

Not only that, but I just today got my first electric bill for the condo...........
25 days, mostly unoccupied - $130??
What the hell is that?

JG

Not sure, but it must not be price gouging, obscene profit, or excessive
compensation since

There is no such thing as price gouging, obscene profit, excessive
compensation, hate speech, hate crimes, etc. These are all inventions of
leftist PC busybodies who don't have a life.

maybe electricity was invented by a leftist PC busybody?

 

[Mr._johngalt]

Not sure, but it must not be price gouging, obscene profit, or excessive
compensation since
maybe electricity was invented by a leftist PC busybody?   

Hey, I'm all for a totally free marketplace, but I am not sure I have anywhere
else to go for electricity (can you spell monopoly?). Anyway, even if I did
I still have the right to bitch about it (See First Amendment - US Constitution)

JG