Gas & Oil News

Light Crude Oil blew right through the 70's today along with the winds of "Katrina"! The damage reports to refineries in that region won't be available for several days. There have been reports some drilling platforms are adrift in the Gulf and the worst is yet to come. Half of all US Crude Oil enters through The Gulf of Mexico and it will take weeks and in some cases months before systems and production will be back to pre-storm levels. This will cause a vertical move for prices at the bump and the time is approaching for refineries to start building up inventories of heating fuels, another tax on a half broken system.
Markets across the globe have taken a hit due to potential world wide economic slow-down caused by the impact of Katrina!
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Davitte’ Lanier
Petroleum Industry Analyst