Rita Could Equal $5 Gas

[Bimmer325]

CNN.com: Rita Could Equal $5 Gas

[Guest Josh]

I saw a quote about Corpus in there........my ex is there..I visited there not even a year ago. I'm scared for her safety.

[cmattson]

Hate to be crude but: Lube up and bend over guys. The oil industry wants to tenderize us some more. God forbid they forego some of their profits; especially in light of the fact that the southern US is getting hit with 2 major catastrophies within 1 month of each other. Edited September 22, 2005 by cmattson

[mustang84]

I filled up today @ 2.59/gal...I was planning on going home this weekend since it's the only chance I have, but I don't think I will anymore if gas prices are going to get so outrageous.

[bowtie_dude]

Yeah, and Katrina could have been $4 a gallon. :rolleyes: I wouldn't get your panties in a knot until you actually SEE $5.059 for 87 up on the Shell sign.

[91z4me]

Yeah, and Katrina could have been $4 a gallon.  :rolleyes:

I wouldn't get your panties in a knot until you actually SEE $5.059 for 87 up on the Shell sign.

[post="18457"]<{POST_SNAPBACK}>[/post]

Well Atlanta GA saw $5.00+ a gallon after Katrina so I think it is VERY possible elsewhere.

[bowtie_dude]

Well Atlanta GA saw $5.00+ a gallon after Katrina so I think it is VERY possible elsewhere.

[post="18502"]<{POST_SNAPBACK}>[/post]

Atlanta saw $5 a gallon because stations were price-gouging. Gas never got above $3.09 in LEX, and it IMMEDIATELY dropped 20 cents when Gov Fletcher said he'd fine every station $5,000 a customer for gouging. Its now as low as it was pre-Katrina.

We could see another spike, but the media always likes to blow things out of proportion.

[RBB]

It's funny - Oil company stock stock ROSE this week when it was announced that the hurricane would shut down and possibly damage refineries in Texas. -RBB

[cmattson]

There's no question that the news companies like the hype and hysteria -- it's what sells for news nowadays. You cannot question a couple of things:

1) Their logic; oil rig repair crews are busy fixing rigs from Katrina. They won't be available to fix rigs from Rita for quite sometime. US lost about 3.5million/day barrels from Katrina. Conservative estimates are 3.0million barrels/day from Rita. Gas prices decreased because Saudi Arabia agreed to push out an addition 2.0million barrels/day. Do they have the capacity to cover for Katrina + Rita? It's questionable they can achieve the 2.0million barrels/day they spoke for now.

2) Specualtion fuels price increases. I don't like it any more than you do, but the truth is there. A large reason for the high oil prices right now is the speculation that oil production/distribution can (or will be) a target for terrorism. Oil prices are rising today over speculation about what Rita will do next week.

[Cory Wolfe]

Well... if gas gets that high... Atleast I can opt for free transit to school. :D