Oil, Natural Gas Rise as Gustav Threatens US Gulf Platforms

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Oil, Natural Gas Rise as Gustav Threatens US Gulf Platforms Thursday, August 28, 2008
Bloomberg -- Aug. 28 (Bloomberg) -- Crude oil and natural gas rose as Royal Dutch Shell Plc, BP Plc and ConocoPhillips evacuated drilling rigs before the arrival of Gustav, forecast to become the worst Gulf of Mexico hurricane since Katrina. Shell will pull 870 rig workers in the next two days, on top of 400 already moved. ConocoPhilips stopped output at its Magnolia platform and Exxon Mobil Corp. is preparing refineries along the coast for the storm. Gustav may strengthen to become a hurricane as it enters the Gulf of Mexico, home to 26 percent of U.S. production, on Sept. 1, the National Hurricane Center said. ``It's the most dangerous storm of the season,'' said Carsten Fritsch, a Commerzbank AG analyst in Frankfurt. ``The question will be the strength of the hurricane. Some say it will be as serious as Katrina, but that's the worst case scenario.''
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	Thursday, August 28, 2008 Bloomberg -- Aug. 28 (Bloomberg) -- Crude oil and natural gas rose as Royal Dutch Shell Plc, BP Plc and ConocoPhillips evacuated drilling rigs before the arrival of Gustav, forecast to become the worst Gulf of Mexico hurricane since Katrina. Shell will pull 870 rig workers in the next two days, on top of 400 already moved. ConocoPhilips stopped output at its Magnolia platform and Exxon Mobil Corp. is preparing refineries along the coast for the storm. Gustav may strengthen to become a hurricane as it enters the Gulf of Mexico, home to 26 percent of U.S. production, on Sept. 1, the National Hurricane Center said. ``It's the most dangerous storm of the season,'' said Carsten Fritsch, a Commerzbank AG analyst in Frankfurt. ``The question will be the strength of the hurricane. Some say it will be as serious as Katrina, but that's the worst case scenario.'' Visit Bloomberg for full article

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POLELANE Champion Author Ohio Posts:2,237 Points:237,225 Joined:Mar 2008	Message Posted: 8/30/2008 7:18:04 PM	Ignore POLELANE Report Abuse
	what's the pic? I thought the royal dutch family sold their interest in Shell. I'll check on that.
Bill313 Champion Author Kansas City Posts:5,363 Points:746,465 Joined:Sep 2006	Message Posted: 8/30/2008 2:48:35 PM	Ignore Bill313 Report Abuse
	expected
STEVE853 Champion Author Florida Posts:1,226 Points:314,165 Joined:Nov 2007	Message Posted: 8/30/2008 12:30:03 PM	Ignore STEVE853 Report Abuse
	Any excuse to raise the price of gas.
Gas_Buzzer Champion Author South Carolina Posts:6,455 Points:1,104,350 Joined:Sep 2005	Message Posted: 8/30/2008 9:30:49 AM	Ignore Gas_Buzzer Report Abuse
	Yeah, should have filled by tank last week. Forgot to call.
POLELANE Champion Author Ohio Posts:2,237 Points:237,225 Joined:Mar 2008	Message Posted: 8/29/2008 3:11:51 PM	Ignore POLELANE Report Abuse
	you germans in Cincy
HOBSONMA Sophomore Author Indiana Posts:111 Points:52,920 Joined:Jun 2008	Message Posted: 8/29/2008 2:59:49 PM	Ignore HOBSONMA Report Abuse
	hmmm...maybe an increase in prices?
WillyG Champion Author Cincinnati Posts:1,415 Points:477,745 Joined:Aug 2005	Message Posted: 8/29/2008 11:02:56 AM	Ignore WillyG Report Abuse
	Who is this Gustav, and what is he doing illegally in the U.S. threatening our economy ? Afuera muchacho !!!
Kthyme Champion Author Fort Worth Posts:2,664 Points:875,415 Joined:Apr 2006	Message Posted: 8/29/2008 11:00:05 AM	Ignore Kthyme Report Abuse
	Are you sick of this yet??? It is utterly ridiculous that we aren't allowed to drill in our own back yard because of a bunch of environmental wacko's...GET THESE PEOPLE OUT OF CONGRESS!!! Get out and vote this year...and not DEMOCRATIC...they are the ones that are BLOCKING THE DRILLING!!! Your Congressman/woman's term will be coming up soon - check to see how they're are voting-they talk the green but don't practice what they preach! ;)
Schwartzmdja All-Star Author Oklahoma City Posts:761 Points:192,940 Joined:Mar 2008	Message Posted: 8/29/2008 10:58:35 AM	Ignore Schwartzmdja Report Abuse
	all yesterday's articles
MajorSteve Veteran Author Oklahoma City Posts:495 Points:236,620 Joined:Sep 2006	Message Posted: 8/29/2008 10:55:50 AM	Ignore MajorSteve Report Abuse
	SO the Gulf is a big place! ANd what are the odds that it will do any damage to any oil platform? Just an excuse...
amearly Champion Author Michigan Posts:3,985 Points:861,365 Joined:Jan 2006	Message Posted: 8/29/2008 10:53:50 AM	Ignore amearly Report Abuse
	Big surprise.
krucker All-Star Author Austin Posts:559 Points:421,030 Joined:Aug 2004	Message Posted: 8/29/2008 10:51:54 AM	Ignore krucker Report Abuse
	Just another Excuse!!!
Don20 Champion Author Oklahoma City Posts:1,520 Points:1,012,795 Joined:Mar 2005	Message Posted: 8/29/2008 10:49:57 AM	Ignore Don20 Report Abuse
	If that storm never hits and oil production area, what is going to be the excuse to rase gas price.. (am sure they have one)
ramshot412 Champion Author Riverside Posts:11,924 Points:1,194,985 Joined:Apr 2004	Message Posted: 8/29/2008 10:47:41 AM	Ignore ramshot412 Report Abuse
	Just another excuse.....
MG_Sputnik All-Star Author Philadelphia Posts:634 Points:441,635 Joined:Apr 2006	Message Posted: 8/29/2008 10:46:48 AM	Ignore MG_Sputnik Report Abuse
	I just heard someone sneezed down there. Prices on the rise now!
duaneinva Rookie Author Virginia Posts:52 Points:77,090 Joined:Aug 2008	Message Posted: 8/29/2008 10:43:32 AM	Ignore duaneinva Report Abuse
	Gee..a thunderstorm is coming through my area in the next 2 days. Better double the electric rates for the next two weeks, just in case a transformer blows!
mvosevich Champion Author St. Louis Posts:1,317 Points:267,930 Joined:Aug 2004	Message Posted: 8/29/2008 10:43:09 AM	Ignore mvosevich Report Abuse
	Big oil prays for hurricanes.
SeerLV All-Star Author Las Vegas Posts:532 Points:131,040 Joined:Jun 2008	Message Posted: 8/29/2008 10:42:17 AM	Ignore SeerLV Report Abuse
	Funny how the price at the pump rises because futures (months away from purchase) rise but when futures fall the price at the pump does not. Hmmmm.
kypeanuts Veteran Author Louisville Posts:342 Points:74,160 Joined:May 2008	Message Posted: 8/29/2008 10:41:40 AM	Ignore kypeanuts Report Abuse
	any excuse
Gerund1 Champion Author Toronto Posts:1,147 Points:828,105 Joined:Apr 2003	Message Posted: 8/29/2008 10:41:10 AM	Ignore Gerund1 Report Abuse
	Bad idea to give all of those folks additional reasons to speculate at our expense.
kevski Champion Author Oregon Posts:1,391 Points:197,140 Joined:Feb 2008	Message Posted: 8/29/2008 10:41:06 AM	Ignore kevski Report Abuse
	first the pre-storm gouge and then the post-storm gouge
SomeChick23 Sophomore Author Edmonton Posts:192 Points:116,440 Joined:May 2007	Message Posted: 8/29/2008 10:40:23 AM	Ignore SomeChick23 Report Abuse
	:(
SLAPSHOT351 Veteran Author Long Island Posts:380 Points:77,775 Joined:Jul 2008	Message Posted: 8/29/2008 10:40:11 AM	Ignore SLAPSHOT351 Report Abuse
	Sorry Martib1215 !!!!
Martib1215 Veteran Author Riverside Posts:352 Points:61,710 Joined:Jul 2008	Message Posted: 8/29/2008 10:36:17 AM	Ignore Martib1215 Report Abuse
	Hey Slapshot...don't give them any ideas! LOL
laddyboy62 Champion Author Riverside Posts:1,576 Points:993,360 Joined:Mar 2005	Message Posted: 8/29/2008 10:36:00 AM	Ignore laddyboy62 Report Abuse
	looks like gustav is a coming..
OuchMyWalletSUV Veteran Author Sacramento Posts:352 Points:76,060 Joined:Jun 2008	Message Posted: 8/29/2008 10:35:48 AM	Ignore OuchMyWalletSUV Report Abuse
	Natural gas...
Bruno44 All-Star Author Texas Posts:983 Points:331,805 Joined:Sep 2007	Message Posted: 8/29/2008 10:33:26 AM	Ignore Bruno44 Report Abuse
	Speculators are having a field day with gustav in the Gulf, and obama etc in the mainland.
SLAPSHOT351 Veteran Author Long Island Posts:380 Points:77,775 Joined:Jul 2008	Message Posted: 8/29/2008 10:33:03 AM	Ignore SLAPSHOT351 Report Abuse
	Not that I paid much attention before, but I never noticed storms affecting fuel prices so much until KATRINA. Seems like someone had a bright idea in 2005 and we've been paying for it ever since. Why don't the utility companies raise the price of electric every time a rain or snowstorm are coming on the ASSUMPTION that trees and wind will take power lines down and disrupt service ? What a crock of #2
z1000 Champion Author Indianapolis Posts:1,238 Points:185,770 Joined:May 2007	Message Posted: 8/29/2008 10:32:33 AM	Ignore z1000 Report Abuse
	ah, bohica. Obviously a Jim Rome fan...
mattf373 All-Star Author Atlanta Posts:556 Points:105,770 Joined:Mar 2003	Message Posted: 8/29/2008 10:32:03 AM	Ignore mattf373 Report Abuse
	speculators favorite news
Tekkie All-Star Author Philadelphia Posts:768 Points:252,620 Joined:Oct 2003	Message Posted: 8/29/2008 10:31:02 AM	Ignore Tekkie Report Abuse
	bohica
SheRides Sophomore Author Louisiana Posts:162 Points:524,660 Joined:Jan 2006	Message Posted: 8/29/2008 10:30:23 AM	Ignore SheRides Report Abuse
	Prices are rising rapidly in Louisiana as Gustav takes aim at us.
Lizzylou Champion Author Stockton Posts:1,447 Points:883,045 Joined:Oct 2005	Message Posted: 8/29/2008 10:30:08 AM	Ignore Lizzylou Report Abuse
	It hasn't even hit the Gulf Coast yet and there are already talks of gas rise??
jmuse All-Star Author Long Island Posts:923 Points:187,955 Joined:May 2008	Message Posted: 8/29/2008 10:29:37 AM	Ignore jmuse Report Abuse
	What about Hanna?
jb47 All-Star Author Shreveport Posts:501 Points:287,900 Joined:Aug 2007	Message Posted: 8/29/2008 10:29:28 AM	Ignore jb47 Report Abuse
	Just another excuse to stick it to us
HDUltra03 Champion Author Oregon Posts:6,900 Points:1,068,525 Joined:Nov 2005	Message Posted: 8/29/2008 10:29:12 AM	Ignore HDUltra03 Report Abuse
	Any excuse to fleece the public.....
gasman50 Champion Author Portland Posts:1,314 Points:819,645 Joined:Nov 2005	Message Posted: 8/29/2008 10:28:31 AM	Ignore gasman50 Report Abuse
	Time will tell, hope it fizzels
no1doc All-Star Author Milwaukee Posts:900 Points:164,975 Joined:Oct 2007	Message Posted: 8/29/2008 10:27:50 AM	Ignore no1doc Report Abuse
	Give me a break
falconmb Champion Author Austin Posts:13,708 Points:407,850 Joined:Jul 2007	Message Posted: 8/29/2008 10:25:54 AM	Ignore falconmb Report Abuse
	speculation
robeke1 Sophomore Author Virginia Posts:103 Points:15,650 Joined:Aug 2008	Message Posted: 8/29/2008 10:25:21 AM	Ignore robeke1 Report Abuse
	Raise before it happens. Lower months after it does not. Just an excuse to make more record profits
jrnascar Veteran Author Dayton Posts:276 Points:177,125 Joined:Jul 2006	Message Posted: 8/29/2008 10:25:12 AM	Ignore jrnascar Report Abuse
	We will just have to wait and see how this storm turns out
sailormon All-Star Author Michigan Posts:639 Points:204,130 Joined:Jul 2007	Message Posted: 8/29/2008 10:21:14 AM	Ignore sailormon Report Abuse
	Just in time to fill up the RV for the Labor Day weekend!
plumb37 Champion Author Quebec Posts:2,345 Points:96,890 Joined:Jun 2008	Message Posted: 8/29/2008 10:20:45 AM	Ignore plumb37 Report Abuse
	Time will tell
Austin1850 Champion Author Austin Posts:2,139 Points:146,910 Joined:May 2008	Message Posted: 8/29/2008 10:19:05 AM	Ignore Austin1850 Report Abuse
	I heard 3 or 4 this morning on the news
plumb37 Champion Author Quebec Posts:2,345 Points:96,890 Joined:Jun 2008	Message Posted: 8/29/2008 10:19:02 AM	Ignore plumb37 Report Abuse
	Yes a 5 back to back with a 4
Tommy4Wheel Champion Author Wilmington Posts:20,590 Points:1,483,725 Joined:Apr 2004	Message Posted: 8/29/2008 10:18:06 AM	Ignore Tommy4Wheel Report Abuse
	5
RochBear Champion Author Minnesota Posts:1,748 Points:503,630 Joined:May 2006	Message Posted: 8/29/2008 10:17:27 AM	Ignore RochBear Report Abuse
	Latest prediction is to make landfall as a cat 2 hurricane, The oil rigs will survive just fine. However, for safety of the crews, they will pull people off the rigs for a few days. I think we can live without production for a few days, That's why we have stockpiles.
plumb37 Champion Author Quebec Posts:2,345 Points:96,890 Joined:Jun 2008	Message Posted: 8/29/2008 10:16:15 AM	Ignore plumb37 Report Abuse
	World crud oil prices, that's what does it. [Edited by: plumb37 at 8/29/2008 10:16:28 AM EST]
AC-302 Champion Author Los Angeles Posts:8,355 Points:1,315,405 Joined:Aug 2004	Message Posted: 8/29/2008 10:16:10 AM	Ignore AC-302 Report Abuse
	I thought it was a category 5 hurricane already. The net effect will depend on where it makes landfall. Those oil rigs are built to take a cat 5 storm. During Katrina, none of the rigs spilled so much as one barrel of oil. Not sure about damage though..
HEBster All-Star Author Kentucky Posts:821 Points:770,880 Joined:May 2006	Message Posted: 8/29/2008 10:15:15 AM	Ignore HEBster Report Abuse
	Hope it won't be tooooo bad!