Saturday, August 30, 2008

Gustav: Gas at $5??!?

Are you kidding me????

NEW YORK (AP) -- Retail gas prices swung higher Friday -- the first increase in 43 days -- as analysts warned that a direct hit on U.S. energy infrastructure by Hurricane Gustav could send pump prices hurtling toward $5 a gallon.

Meanwhile, oil prices ended the day slightly lower, falling for a second straight session. But prices fluctuated sharply as some traders feared supply disruptions and others bet the government will release supplies from the Strategic Petroleum Reserve if Gustav wreaks havoc in the Gulf of Mexico area -- home to a quarter of U.S. crude supplies and 40 percent of refining capacity.

We're not getting $5 gas. It just these windbags trying to get some press.

But a hurricane hit would give a lift to some of these refiners.

I'm sure some of the longs on oil, are still glued to the weather channel, hoping that a hurricane will get them out of their oil bet. We have Goldman's tout of $149 oil, a conflict with Russia in Georgia, and a hurricane, and yet oil can't get off the mat?

Obama says we won't need Mideast Oil in ten years, and Palin says she knows where to drill in Alaska.

I suppose if our politicans can use "hope" so can Wall Street!

Birdee Pruitt to the rescue!

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