Yahoo: Ike destroys a number of Gulf oil platforms

[Toe Jam]

I know everyone is excited about the win today and I hate to reign on the parade but, as it turns out, Ike did do some damage to the oil industry.

Be prepared for the price spikes to continue.

http://news.yahoo.com/s/ap/ike_energy

HOUSTON - Hurricane Ike appears to have destroyed a number of production platforms and damaged some of the pipelines in the Gulf of Mexico, federal officials said Sunday.

Fly-overs revealed that at least 10 production platforms were destroyed by the storm, said Lars Herbst, regional director for the U.S. Minerals Management Service.

"It's too early to say if it's close to Katrina- and Rita-type damage," Herbst said.

There are about 3,800 production platforms in the Gulf, including 717 with full-time staffs aboard.

The MMS says Hurricane Katrina destroyed 44 platforms three years ago, and soon after Hurricane Rita destroyed 64.

Herbst stressed the assessments were preliminary, but the damage appeared far worse than that caused by Hurricane Gustav two weeks ago.

Specifics about the size and production capacity of the destroyed platforms were not immediately available.

click link for rest

[Bang]

Does it really matter?
They raise prices through the roof on just the speculation that something MIGHT happen. Last Thursday I farted and the price went up a nickel.

I fail to see the difference in a real problem and their usual manufactured price hikes.

~Bang

[PokerPacker]

well ****!

[Monte51Coleman]

10 out of 3800?

Let's see how much the gas companies milk out of this.

[SC_RedskinsFan]

Gas can go up more it is already $4.68 at one gas station here.

[Toe Jam]

10 out of 3800?

Let's see how much the gas companies milk out of this.

They will definitely use this to their advantage.

It's a real shame because the American people aren't all stupid and know the reasoning behind this.

[Monte51Coleman]

They will definitely use this to their advantage.

It's a real shame because the American people aren't all stupid and know the reasoning behind this.

We'll how else can they fund the sex, drugs and rock & roll parties they throw for our government employees?

[Burgundy Burner]

Guess what?

The Asian markets have been open for a while and oil is trading at around $99 - yep, it is well below $100 for the first time in six months.

Gas? Oh, it is down 11 cents a gallon at this moment.

The markets seem to be reacting to the fact that the refineries came through Ike quite well and the damaged platforms were far fewer than what was expected. Ditto for the pipelines.

If this holds, it looks as if the spike will last only a week or two.

[GoSkins561]

I havn't left my house in 2 days, is it $7.00 a gallon?

[Monte51Coleman]

Guess what?

The Asian markets have been open for a while and oil is trading at around $99 - yep, it is well below $100 for the first time in six months.

Do the asian markets count in this concern?

Do we export oil to Asia?

Does a hurricane in the gulf effect oil production in the middle east and south america?

Doesn't japan refine crude themselves?

I'm trying to determine why asian markets have any impact on our gas prices.

[Larry]

Guess what?

The Asian markets have been open for a while and oil is trading at around $99 - yep, it is well below $100 for the first time in six months.

Gas? Oh, it is down 11 cents a gallon at this moment.

The markets seem to be reacting to the fact that the refineries came through Ike quite well and the damaged platforms were far fewer than what was expected. Ditto for the pipelines.

If this holds, it looks as if the spike will last only a week or two.

Good point.

What matters isn't how much damage there was. What matters is how much damage vs how much damage the market expected.

[Toe Jam]

Guess what?

The Asian markets have been open for a while and oil is trading at around $99 - yep, it is well below $100 for the first time in six months.

Gas? Oh, it is down 11 cents a gallon at this moment.

The markets seem to be reacting to the fact that the refineries came through Ike quite well and the damaged platforms were far fewer than what was expected. Ditto for the pipelines.

If this holds, it looks as if the spike will last only a week or two.

hmmm...

[Destino]

The market is reacting to election season in the US. The fact that alternative fuels are becoming a campaign issue is freaking out nations like Saudi Arabia. If the US fast tracks alternative fuel the oil states are screwed.

Gas prices should come down before Nov.

[Larry]

Do you think this country can do no wrong?

What that has to do with either his post or this thread is?

[Toe Jam]

What that has to do with either his post or this thread is?

I don't know.