Refineries OK

From Bloomberg: confirmed by falling crude prices in the futures mkt.

Sept. 14 (Bloomberg) -- Crude oil fell to a six-month low in New York and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.

Almost 20 percent of the U.S.'s oil refining capacity was shut, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves. New York Mercantile Exchange electronic trading opened early to allow traders to respond to Ike.

``It looks like we've dodged another bullet,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``The refineries in the Houston area seem to have come out of the storm remarkably intact.''
Is it a conspiracy that so many "news" outlets are reporting shutdowns?

1 comment:

Roux said...

Exxon refinery in Baton Rouge gambled and went down hard during Gustav. Entergy went to ground and caused the shutdown.

A friend at a neighboring Chem plant said it was ugly.