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Hurricane Ike expected to pump up gas prices

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Earth Bound Misfit

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Sat Sep-13-08 07:44 AM
Original message

Hurricane Ike expected to pump up gas prices

Source: NY Newsday

Get set for another spike in gasoline prices, perhaps beginning as early as Saturday due to Hurricane Ike, experts warned Friday.

How high prices go and for how long depends on the massive storm's damage to refineries along the Texas Gulf Coast that produce about 15 percent of the nation's gasoline. "We're likely to see prices rise in the next week or so," said Doug MacIntyre, a senior oil analyst at the U.S. Department of Energy.

Kevin Beyer, president of the Long Island Gasoline Retailers Association, said some suppliers began raising prices to his members by as much as 25 cents a gallon Thursday and that most stations would have to pass the increases to motorists. "It's in anticipation of the storm and that supplies will be tight for a while," he said.

Peter Beutel, an energy consultant and president of Cameron Hanover Inc. in New Canaan, Conn., said prices in the Northeast could jump by 35 to 50 cents a gallon over the next week to 10 days. "The expectation is they'll come down pretty quickly if there's no major damage," he said...

Andy Lipow, president of Houston consulting company Lipow Oil Associates Llc, said a major concern was a predicted 20-foot storm surge flooding refineries, cutting off electric power to them and requiring extensive repair to electric motors, compressors, wiring and the like. "And it could impact the ability of people to return to the refineries," he said.

Even with little or no damage to refineries, port facilities and pipelines, it will take refinery operators several days to a week to restart them and restore full production, MacIntyre said. With heavy flooding or damage, he said, it could take months, as occurred three years ago after Hurricanes Katrina and Rita struck the Louisiana and Mississippi Gulf coasts....

This story was supplemented with reports from Bloomberg News and The Associated Press.

Read more: http://www.newsday.com/services/newspaper/printedition/saturday/business/ny-bzoil1311956027sep13,0,129605.story

Prices spiked 20 cents a gallon here (Toms River NJ) last night--reg was $3.19 yesterday afternoon--$3.39 when I returned home from work @ 2 am.
EBM

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leftchick

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Sat Sep-13-08 07:46 AM
Response to Original message

1. in NC price went from 3.65 to 4.27

yesterday afternoon! What a fucking racket! :grr:

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Earth Bound Misfit

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Sat Sep-13-08 08:01 AM
Response to Reply #1

6. OUCH!

That'll leave a mark. I read somewhere (can't recall where) that lines were forming at gas stations in NC & SC, and some gas outlets were imposing 10 gallon limits.

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entanglement

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Sat Sep-13-08 09:34 AM
Response to Reply #1

13. 4.51 average in Knoxville, TN

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RedLetterRev

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Sat Sep-13-08 10:18 AM
Response to Reply #1

16. Same thing in the Triad

So much for me putting off getting gas until lunchtime. To my endless regret. :grr:

Nothing more than a racket.

They were giving out a number on the radio yesterday: 1 887 5No-Scam because there were stations in the area selling gas for over $5.10/gallon.

P. T. Barnum was right (sigh)

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ixion

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Sat Sep-13-08 07:47 AM
Response to Original message

2. ah yes... nothing like a good price spike to make the oil folks happy

seems pretty common these days. :argh:

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ohio2007

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Sat Sep-13-08 09:21 AM
Response to Reply #2

9. Chavez won't be able to export his oil as refineries won't be able to process it

snip

The U.S. is the biggest buyer of Venezuelan oil, which accounts for 90 percent of the South American country's exports.

snip
http://www.bloomberg.com/apps/news?pid=20601086&sid=auIX2ivZjLzQ&refer=latin_america

Hugo could say he is suspending oil sale to the US for some 'political coup' uncovered by concerned citizens but,
this IKE fallout will be felt past US pumps all the way around the world.
I wonder how far the $ bbl will fall if the US isn't able to buy its lion share of world production from the state owned Venezuelan supplier.

just sayin ;)
it aint over til its over

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AlabamaBrightBlueDot

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Sat Sep-13-08 07:56 AM
Response to Original message

3. Tuscaloosa Alabama

From $3.49 to $4.59 as of 9:00 p.m. last night (although the average was more like $4.39)

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hobbit709

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Sat Sep-13-08 07:58 AM
Response to Original message

4. EXPECTED?!?!?!?

Too late for expected.

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pattmarty

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Sat Sep-13-08 08:00 AM
Response to Original message

5. Bullshit!!!!!! The Democrats HAVE to hold hearings.........

........and put the POS CEOs' under oath THIS TIME. I live in (northern) Arkansas and before the fucking hurricane even hit shore friday, the prices here rose over 50 cents a gallon. I can see the prices climbing slowly and maybe peaking in a couple of weeks (depending upon damage to rigs), but rising 50 cents on friday CST before 2pm? C'mon, even in Arkansas we ain't that stupid!!!

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ohio2007

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Sat Sep-13-08 09:29 AM
Response to Reply #5

10. Drill hear,drill now,build here,build now ?

Edited on Sat Sep-13-08 09:30 AM by ohio2007

It's also proof that "all of our eggs are in one basket". There is a refinery being built up in north Dakota but it won't be on line for several years to process the oil deposits under that part of north america.

google a map of where all our refineries are located and you will see why the pinch that all gas users will be asked to pay at the pump. ...to rebuild what still has not been destroyed.

why?

cuz thats the way it is when trying to reason with refinery hurricane season

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pattmarty

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Sat Sep-13-08 10:47 AM
Response to Reply #10

17. Ya know, if we started looking for alternative/renewable.......

.....sources in the 70's after the "shortage scare", now some 30+ years later we would at the very least be "close" to alternative power for our vehicles. I am really beginning to wonder if this country is truly lost, and I really hate to say that but I am beginning to think that we will not be able to turn around what the "conservatives" have done to this country. Hello Fascism........

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DCKit

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Sat Sep-13-08 08:13 AM
Response to Original message

7. "beginning as early as Saturday"

Bwahahahahahahahahahahahahahahahahahaha.

You haven't been paying attention. They started the minute it was named - the weather folks called it "Ike" and the oil people heard "Hike".

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President Decider

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Sat Sep-13-08 08:53 AM
Response to Original message

8. ARE YOU EXPERIENCING PRICE GOUGING? ... We are here in Georgia, it's absurd ...

Price went up .55 cents per gallon as of last night which was about 5 hours from Ike even making landfall.

This is BULLSHIT! This economy sucks and everyone is trying to make an extra dollor at the expense of others.

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entanglement

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Sat Sep-13-08 09:32 AM
Response to Reply #8

12. There was a thread yesterday - about gas price hikes somewhere in CANADA

That's right, 24 hours before landfall and the gouging had already started.

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Earth Bound Misfit

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Sat Sep-13-08 09:48 AM
Response to Reply #12

15. Read this report on soaring prices in Victoria...

Gas prices in Victoria soared yesterday afternoon hitting $1.52 for a litre of regular gas at some stations as hurricane Ike threatened to damage refineries along the Texas coast.

The jump represents an increase of as much as 13 cents per litre.

Similar price jumps also occurred across the country.

More @ http://www.canada.com/victoriatimescolonist/story.html?id=0a3d244c-10bd-4f7c-b008-da75309ab801

Since 1 gallon= 3.7843 liters, that equates to approx $5.75 (cdn) per gallon, and the 13 cent/liter equates to approx 50 cent (cdn) per gal spike.

(Hope my math is accurate, not the "brightest bulb in the chandelier" here) :blush:

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Earth Bound Misfit

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Sat Sep-13-08 09:31 AM
Response to Original message

11. Wall Street DISHRAG reports: Get Ready For Soaring Gasoline Prices

http://blogs.wsj.com/environmentalcapital/2008/09/12/hurricane-ike-get-ready-for-soaring-gasoline-prices/

Hurricane Ike is bearing down on the Texas coast like an eerie reminder of the deadly 1900 storm that mauled Galveston, and represents a perfect-storm scenario of possible damage to vulnerable refining, chemical, and shipping industries.

As Ike’s Category-2 winds start pounding one-quarter of America’s oil-refining capacity, what’s the likely outcome in terms of gasoline prices and shortages? Reuters quotes one breathless meteorologist:

“Hurricane Ike is a gigantic Category 2 monster and is likely to generate a massive and particularly destructive storm surge at key refinery centers,” said Jim Rouiller, meteorologist with private weather forecaster Planalytics. “Close to 20 percent of the U.S. refining capability could be lost for a long period of time.”

But what’s a “long period of time”? The folks at The Oil Drum have been trying to divine how Ike’s storm surges and inland flooding could affect Texas’ refining capacity. In a nutshell, it doesn’t look good—with some outages potentially lasting the rest of the year:

--snip--

If Americans thought $99 oil meant the end of $4 gasoline, Ike might just make them think again.

Some comments to this report:

$3.44 yesterday and $4.00 south central VA ,today I was told in elkin NC reg was $ 5.45 per gallon, cars were pulling in and people were locking up the lines with there cars cutting lines like this was the last gas beening sold on earth, there are price gouging laws ,does anyone enforce them .

Comment by Joseph B - September 13, 2008 at 12:35 am

This morning gas was at $3.55 here in Orlando, and now it shot up to 4. I waited for about half in hour to fill up… it’s crazy!

Comment by Dessire - September 12, 2008 at 10:34 pm

Was 3.49 this morning, now it’s 4.39 in south western VA. Long lines and people fighting for their turn. CRAZY!

Comment by jamie - September 12, 2008 at 7:09 pm

I don’t know what the deal is…I live in NC and gas went up .65 cents overnight. They say it’s due to a “state of Emergency” in North and South Carolina…are they kidding?? Talk about price gouging. The sun is shining with no hurricane’s in sight for us. What’s the deal? Texas is supposed to get hit, but their gas remains steady at approx. $3.47. What a raquet, and they can get away with it..Guess I’ll go on welfare, cause I can’t even afford to get to work!

Comment by Patricia - September 12, 2008 at 6:25 pm

lines around the block in Lansing Michigan.. gas between 5.35- 4.79. Sams club is causing havoc as they are steady at 4.00 a gallon and I heard police are directing traffic.

Comment by hello - September 12, 2008 at 4:19 pm

It was $3.56 at 7:30 this morning. Does anyone know why Tennessee is being hit so hard? There is speculation from Eastman Chemical Company that we will be out of gas from Knoxville to Johnson City for two weeks!

Comment by Amber - September 12, 2008 at 3:55 pm

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entanglement

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Sat Sep-13-08 09:36 AM
Response to Original message

14. Free market fraudsters have already started the propaganda blitz

Edited on Sat Sep-13-08 09:37 AM by entanglement

"Gasoline regulation doesn’t really work..."

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Tandalayo_Scheisskopf

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Sat Sep-13-08 02:17 PM
Response to Original message

18. Here's what I see:

You had a lot of these oil companies and refinery companies and wholesalers hedging in the markets, and they lost. Big time. Along comes a hurricane. Immediately, the gouging starts, because they know they can. This maladministration will make a lot of noises about gouging, but they will do jack shit about it and where it involves ANY interstate commerce, they will cut the state's attornies general knees off at the neck.

This will be the final orgy of greed that will take them until Jan. 20, 2009.

Gas supplies were great until a few days before Ike. Prices were dropping, too. All of a sudden, this.

Prof. Greenberg, formerly of the CFTC, has been quite vocal and exacting in his exposure of hoarding of distillate stocks as well. This will give those filthy bastards an opportunity to off-load their hoarded supplies at higher prices.

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Earth Bound Misfit

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Sat Sep-13-08 04:00 PM
Response to Reply #18

21. WINNER!!!

"because they know they can"

Great post

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modrepub

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Sat Sep-13-08 03:12 PM
Response to Original message

19. SE PA

Was $3.47 on Thursday, this morning $3.59. Perfect timing to push the off-shore oil vote next week...like that will do any good! Time to email my reps for an earfull.

The refineries probably did all right, can's probably say the same for the electric grid and work force; whithout those two you can't run them anyway.

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Doctor_J

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Sat Sep-13-08 03:58 PM
Response to Original message

20. MI - $370 to $4.90

more than a buck!

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