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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.

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JT
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Message Posted: 9/6/2008 9:33:30 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.

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REPLIES (newest first)
cdaisey
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Maine

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Message Posted: 9/9/2008 8:25:14 AM  Ignore cdaisey Report Abuse
scary
gas101CA
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California

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Message Posted: 9/9/2008 1:14:37 AM  Ignore gas101CA Report Abuse
woho

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

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Message Posted: 9/8/2008 11:25:22 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
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Los Angeles

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Message Posted: 9/8/2008 11:22:35 AM  Ignore FASTER345 Report Abuse
Ay caramba!
MikeMOD
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Milwaukee

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Message Posted: 9/8/2008 11:11:14 AM  Ignore MikeMOD Report Abuse
Now we lose because of speculation on the hurricanes, what next?
Cyberpeep24
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Oakland

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Message Posted: 9/8/2008 10:55:25 AM  Ignore Cyberpeep24 Report Abuse
We got lucky this time, but hurricane season is nowhere near over
Somis1
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Ventura

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Message Posted: 9/8/2008 10:44:46 AM  Ignore Somis1 Report Abuse
This time......
waterman71
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Michigan

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Message Posted: 9/8/2008 10:44:01 AM  Ignore waterman71 Report Abuse
Whatever
dabuzman
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Seattle

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Message Posted: 9/8/2008 10:43:50 AM  Ignore dabuzman Report Abuse
Only the eye of the big one is still coming. So hang one!
deerchaser
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Lincoln

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Message Posted: 9/8/2008 10:43:32 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
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Oklahoma City

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Message Posted: 9/8/2008 10:41:59 AM  Ignore Don20 Report Abuse
Hang on to your hat, there is more storms coming..
Dragoniar
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Grand Rapids

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Message Posted: 9/8/2008 10:41:18 AM  Ignore Dragoniar Report Abuse
if we would only see at the pumps.
prajes88
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San Bernardino

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Message Posted: 9/8/2008 10:40:09 AM  Ignore prajes88 Report Abuse
that's right
esquared
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Oklahoma City

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Message Posted: 9/8/2008 10:38:56 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
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Ohio

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Message Posted: 9/8/2008 10:34:11 AM  Ignore sdarling Report Abuse
I wonder if prices will go up with IKE?
sdarling
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Ohio

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Message Posted: 9/8/2008 10:33:28 AM  Ignore sdarling Report Abuse
Old news, now it's IKE turn.
LaCajunDJ
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Louisiana

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Message Posted: 9/8/2008 10:31:39 AM  Ignore LaCajunDJ Report Abuse
Yeah yeah yeah...they tell You what they want You to hear....old news!
DFleming
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Alberta

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Message Posted: 9/8/2008 10:31:29 AM  Ignore DFleming Report Abuse
Gas prices don't seem to be dropping as fast as oil prices though
jeep2003
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New York

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Message Posted: 9/8/2008 10:29:45 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
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Hamilton

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Message Posted: 9/8/2008 10:26:40 AM  Ignore robertsss Report Abuse
they have held up before and will again
SeerLV
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Las Vegas

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Message Posted: 9/8/2008 10:22:56 AM  Ignore SeerLV Report Abuse
Here comes Ike . . .
Sealer
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Charleston

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Message Posted: 9/8/2008 10:22:28 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
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San Diego

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Message Posted: 9/8/2008 10:19:51 AM  Ignore 2009TDI Report Abuse
here comes the next hurricane...be ready for the deluge (of stories not rain)!
hank1326
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Los Angeles

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Message Posted: 9/8/2008 10:16:39 AM  Ignore hank1326 Report Abuse
Prices in Southern California is dropping steadily including recent huge dips in diesel prices.
GasholeMI
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Lansing

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Message Posted: 9/8/2008 10:15:29 AM  Ignore GasholeMI Report Abuse
Please change this story. There must be other articles out there that are not this old.
cbpilot
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Riverside

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Message Posted: 9/8/2008 10:14:10 AM  Ignore cbpilot Report Abuse
There is no oil shortage. It's all a hoax and we are being taken for a ride.
amacquarrie
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Nevada

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Message Posted: 9/8/2008 10:12:54 AM  Ignore amacquarrie Report Abuse
any excuse to raise prices
stadlgi
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Akron

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Message Posted: 9/8/2008 10:12:06 AM  Ignore stadlgi Report Abuse
Here we go again.
acknot
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Seattle

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Message Posted: 9/8/2008 10:11:46 AM  Ignore acknot Report Abuse
this news is really old
fastTC
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Illinois

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Message Posted: 9/8/2008 10:09:17 AM  Ignore fastTC Report Abuse
the price needs to keep dropping!
USAFA82
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Colorado Springs

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Message Posted: 9/8/2008 10:09:10 AM  Ignore USAFA82 Report Abuse
ok...
hugrad2005
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Kansas

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Message Posted: 9/8/2008 10:07:33 AM  Ignore hugrad2005 Report Abuse
This is old news. Are we running out of article ideas?
AC-302
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Los Angeles

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Message Posted: 9/8/2008 10:07:00 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
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Ontario

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Message Posted: 9/8/2008 10:05:04 AM  Ignore hblee Report Abuse
Thought the word news meant that it should be new.
hankmercury
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Oklahoma

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Message Posted: 9/8/2008 10:04:56 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
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Grand Rapids

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Message Posted: 9/8/2008 10:04:34 AM  Ignore Fisch2 Report Abuse
like I said before, this article was written Aug. 31...
Jeff4U
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Atlanta

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Message Posted: 9/8/2008 10:03:41 AM  Ignore Jeff4U Report Abuse
Very old news. Gustav is a distant memory.
bruinsfanON
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London

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Message Posted: 9/8/2008 10:02:48 AM  Ignore bruinsfanON Report Abuse
labour day, isn't that old news
roadkillGA
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Georgia

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old
Gas_Buzzer
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South Carolina

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Actually, prices should be falling.
Toppers
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Atlanta

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Message Posted: 9/8/2008 9:59:37 AM  Ignore Toppers Report Abuse
Waitin' on Ike!
Lengas
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Gary

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Message Posted: 9/8/2008 9:57:31 AM  Ignore Lengas Report Abuse
Pure BS. Up 10 cents/gallon here.
domer2
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Gary

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Message Posted: 9/8/2008 9:56:37 AM  Ignore domer2 Report Abuse
looks like a price hike is coming.
Matts_Pap
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Pennsylvania

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Message Posted: 9/8/2008 9:53:05 AM  Ignore Matts_Pap Report Abuse
Gustav is gone, IKE is the next in line.
TommyTraveler
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Cincinnati

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Message Posted: 9/8/2008 9:52:36 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
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Twin Cities

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Message Posted: 9/8/2008 9:51:41 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
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Ontario

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Whatever!
mplato
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Columbia

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roller coaster hill approaching.
scrounger
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Vancouver

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I won't be holding my breath
AlaRedNeck
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Kansas

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this article is several days old
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