Gas & Oil News

Tropical depression 12 is about to enter the Gulf of Mexico VIA the southern tip of Florida in a Westward sweep and has just been up-graded to a Tropical Storm named Katrina. This could mean a restriction in the supply of Crude Oil in that region that will add up-ward price pressure on both gas and oil.
Depression 12 Track Map:
http://www.nhc.noaa.gov/ftp/graphics/AT12/refresh/AL1205W5+GIF/1A.gif
Tropical Depression Could Hit Florida:
http://www.lasvegassun.com/sunbin/stories/nat-gen/2005/aug/23/082306277.html
Light Crude Oil set a new record again today selling as high as $67.40 and settled at $67.32 up $1.61a barrel from yesterday. With Crude closing on the high side and with concerns of supply disruptions across the globe, for numerous reasons, I can see barrel prices tipping $70 soon.
Gasoline prices dribbled back 4 tenths of a cent. The National Average Price for a Gallon of Regular Unleaded Gasoline is at $2.607 and with Crude Oil up to new price levels expect another round of price increases at the pump this next week.
Oil price inches higher on demand worry:
http://english.people.com.cn/200508/24/eng20050824_204278.html
Here is a very interesting twist of events:
Chavez offers cheap gas to poor in U.S.
http://www.cnn.com/2005/WORLD/americas/08/23/chavez.gasoline.reut/index.html
For the Best Ways to Save Gasoline & Money:
www.BetterGasMileage.com
Davitte’ Lanier
Petroleum Industry Analyst