Gas & Oil News

Amazingly enough The National Average of gasoline dropped another 2 cents from yesterday with Light Crude holding firmly in the mid 60's. The AAA Motor Club reported The National Average for a Gallon of Regular Unleaded sold for $2.915. Now with refinery capacity still severely restricted in The Golf Region according to Bloomberg, " U.S. output in the Gulf was 56 percent below normal, barely changed from the day before, a Minerals Management Service report yesterday showed. Katrina has halted a total of 20.5 million barrels of oil output since the hurricane entered the Gulf of Mexico on Aug. 26. That's equivalent to about one day's consumption in the U.S."
CNN/Money reported that Light Crude sold on the NY Exchange as high as $65.70 and settled 34 cents below yesterday at $64.75 a barrel. With US Oil Reserves in the wings to pick up the slack in supply, some of the immediate tension has been lifted, so gas prices "should" level off for the near term.
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Davitte’ Lanier
Petroleum Industry Analyst