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View Full Version : Are you ready for $5/gal. gas?


Nazgul
09-21-05, 02:52 PM
http://money.cnn.com/2005/09/21/news/economy/rita_threat/index.htm

NEW YORK (CNN/Money) - Remember when gas spiked to $3-plus a gallon after Hurricane Katrina? By this time next week, that could seem like the good old days.

Weather and energy experts say that as bad as Hurricane Katrina hit the nation's supply of gasoline, Hurricane Rita could be worse.

Katrina damage was focused on offshore oil platforms and ports. Now the greater risk is to oil-refinery capacity, especially if Rita slams into Houston, Galveston and Port Arthur, Texas.

"We could be looking at gasoline lines and $4 gas, maybe even $5 gas, if this thing does the worst it could do," said energy analyst Peter Beutel of Cameron Hanover. "This storm is in the wrong place. And it's absolutely at the wrong time," said Beutel.

Michael Schlacter, chief meteorologist at Weather 2000, said Rita now appears most likely to hit between Port Arthur and Corpus Christi, Texas, sometime between Friday afternoon and Saturday morning.

Just about all of Texas's refinery capacity lies in that at-risk zone. (For a look at CNN.com's coverage of Hurricane Rita, click here.)

"There is no lucky 7-10 split scenario to use a bowling analogy," he said. "If you're [a refiner] within 200 miles, you're going to feel the effect."

Compounding Katrina's impact
When Katrina hit, 15 refineries, nearly all in Louisiana and Mississippi, with a combined capacity of about 3.3 million barrels a day were shut down or damaged, according to the Energy Department. That represented almost 20 percent of U.S. refining capacity.

Within a week, almost two-thirds of that damaged capacity had resumed some operations, according to the department. But four refineries with nearly 900,000 barrels a day of capacity are still basically shut down.

If Rita hits both the Houston-Galveston area, as well as the Port Arthur-Beaumont region near the Texas-Louisiana border, that could take out more than 3 million barrels of capacity a day, according to Bob Tippee, editor of the industry trade journal Oil & Gas Journal in Houston.

"Before Katrina, the system was already so tight that the worst-case scenario was for a disruption that took 250,000 barrels of capacity out of the picture. That would have been considered a major jolt," said Tippee.

"We're already in uncharted territory now. We can't project what happens from another shot the size of Katrina or worse."

Part of the problem is that skilled crews needed to make refinery repairs are already busy trying to fix the Katrina damage. That would extend recovery time from Rita.

"[Rita] could have a significant impact on supply and prices -- this really is a national disaster," Valero Energy (Research) CEO Bill Greehey in an interview with Reuters Tuesday evening.

Gas not the only concern
Problems could spread beyond the gas pumps.

Tippee said that natural-gas prices could see a further spike, since so many of the offshore platforms off of Texas produce natural gas, not crude oil.

And while gasoline imports have helped bring gas prices down from record highs, there isn't as much potential for heating-oil imports, he noted.

"Gasoline tends to obscure everything, especially since we aren't paying heating bills right now," said Tippee. "But we were already looking at a winter fuel problem. We're about to take another hit that will cause a lot of problems."

Schlacter said even the oil platforms off the Louisiana Gulf Coast, which are not likely to take a direct hit from Rita, could be affected by large waves churning up the Gulf of Mexico as the storm passes to the south. Waves of as much as 40 to 50 feet could hit the platforms off the Texas Coast, he estimated.

Tippee said that production across the Gulf is already being affected by oil companies pulling workers off platforms ahead of the storm. And it's not just domestic oil being interrupted.

The Louisiana Offshore Oil Port (LOOP), the nation's largest gateway for overseas oil, stopped accepting deliveries of its 1.2 million barrels of oil a day Wednesday afternoon due to high seas, LOOP spokeswoman Barb Hesterman told Reuters. She said the disruption was expected to be "for a short time."

But if Katrina is any guide, it could take several days after Rita passes for production to resume even at oil and gas platforms that escape damage.

"There were several days where if you could have gotten out to the platform, you could have started it back up, but you couldn't find the boats or helicopters you needed to get back to the platforms," he said.

:banana:

El Scorcho
09-21-05, 02:52 PM
No, but I *am* ready for more doomsday articles!

Aphex Twin
09-21-05, 02:53 PM
I am SOOOO ready...SO READY!

Numanoid
09-21-05, 02:54 PM
Who is this $5 gal you speak of?

Tracer Bullet
09-21-05, 02:56 PM
I'll be sure to think of all you car drivers the next time I swipe my $76 a month unlimited ride Metrocard.

PixyJunket
09-21-05, 02:56 PM
I'm ready.. because this weekend's fill up will be my last before I move right down the street from my work.

Nesbit
09-21-05, 02:59 PM
Why is God doing this to us? WHY GOD? WHY?

Y2K Falcon
09-21-05, 03:08 PM
Could you have posted this AFTER I top off tonight. :grunt:

kvrdave
09-21-05, 03:10 PM
This hurts us hillbillies the most :( Everything is miles away, and our trucks only get 8 mpg.

calhoun07
09-21-05, 03:12 PM
Who is this $5 gal you speak of?

http://www.stpaul.gov/depts/police/photos/parker_kimberly_kay.jpg
And she's a real winner.

Brian Shannon
09-21-05, 03:13 PM
Ok with me!

As anyone living in the Washington metropolitan area can attest, the result of this view is a commuting nightmare. Northern Virginia alone has more than 1.4 million cars, which an AAA mid-Atlantic spokesman recently described as “a transportation crisis” that robs people “of hours every day they could spend with their families but now have to spend behind the wheel.”

The impact goes beyond gridlock. Fairfax County is ranked 12th-worst in the nation for air pollution. Alexandria, and Arlington, Prince William, and Stafford counties likewise received failing grades. The Baltimore-Washington area is ranked 7th-worst in the country.

wildcatlh
09-21-05, 03:14 PM
Yeah, and we're supposed to have been paying $4/gallon with gas rationing post-Katrina, according to the same people.

The hurricane right now is most likely to hit far closer to Corpus Christi than it is to Houston or Galveston or Port Arthur. The 200 mile thing is just pulled out of the air, apparently, because the hurricane force winds won't even extend out that far.

Y2K Falcon
09-21-05, 03:16 PM
This should be a poll. :grunt:

Lemdog
09-21-05, 03:17 PM
I walk to school now so, yep I'm ready.

PixyJunket
09-21-05, 03:19 PM
I am to laugh at SUV owners. YES, laugh so much. :lol: rotfl :lol:

Bandoman
09-21-05, 03:19 PM
I bid $6!






Did I do that right?

j123vt_99
09-21-05, 03:29 PM
I'll be sure to think of all you car drivers the next time I swipe my $76 a month unlimited ride Metrocard.


and i shall think of you the next time you are forced to sit between a gang member and fat urine soaked bum

Morf
09-21-05, 03:47 PM
Everybody Panic! Fill Your Car Up Today!

-rolleyes-

Tracer Bullet
09-21-05, 03:49 PM
and i shall think of you the next time you are forced to sit between a gang member and fat urine soaked bum

:lol:

I take it you've never actually been to New York.

La Bella Rose
09-21-05, 03:54 PM
I am to laugh at SUV owners. YES, laugh so much. :lol: rotfl :lol:

:grunt: Damn it.....

Th0r S1mpson
09-21-05, 03:54 PM
If we all protest and don't go to the gas station tomorrow, it will put the gas stations out of business and we can all have gas for free. Or something.

Y2K Falcon
09-21-05, 03:59 PM
I take it you've never actually been to New York.
Everyone knows that the gang members and the fat urine-soaked bums are in DIFFERENT train cars. -rolleyes-

El Scorcho
09-21-05, 04:02 PM
:lol:

I take it you've never actually been to New York.

Ok, we'll just laugh at when you have to stand on a hot and sweaty and smelly train platform during the summer months. Or have to walk from your apartment/condo to the subway station in the pouring rain and/or cold.

Or have to sit next to the guy who hasn't showered in weeks.

Goldblum
09-21-05, 04:04 PM
and i shall think of you the next time you are forced to sit between a gang member and fat urine soaked bum
:lol: :up:

Tommy Ceez
09-21-05, 04:12 PM
I'll be sure to think of all you car drivers the next time I swipe my $76 a month unlimited ride Metrocard.

You realize that I drive to work in Manhattan and spend far less than $75 a month in gas, right?

PLUS, I ride the subway for free.

j123vt_99
09-21-05, 04:14 PM
:lol:

I take it you've never actually been to New York.


once or twice... grew up there :nopanic:

Tracer Bullet
09-21-05, 05:15 PM
once or twice... grew up there :nopanic:

So then you're just deliberately trying to be misleading? Nice.

How is anyone ever going to be forced to sit between a gang member and a bum?

Also, depending on how old you are, I'm willing to bet the subway experience now is slightly different.

Tracer Bullet
09-21-05, 05:16 PM
Ok, we'll just laugh at when you have to stand on a hot and sweaty and smelly train platform during the summer months. Or have to walk from your apartment/condo to the subway station in the pouring rain and/or cold.

Or have to sit next to the guy who hasn't showered in weeks.

Eh, I'll laugh at you when you're stuck in traffic or your car breaks down. There are downsides to both means of transportation, but the subway is quite a bit cheaper depending on how often you drive.

El Scorcho
09-21-05, 05:19 PM
driving 9 years, no breakdowns yet. :D

Th0r S1mpson
09-21-05, 06:57 PM
driving 9 years, no breakdowns yet. :D
Physical or emotional?

animalmystic
09-21-05, 07:42 PM
I <3 my little Honda and my 30+ MPG and a 15 minute commute, bring it on.















Well not really this still sucks ass :|

I see more "pump and go" on the horizon. :| :| :|

eedoon
09-22-05, 01:58 AM
I want my Mr. Fusion! :grunt:

MrKen
09-22-05, 02:07 AM
I don't like panic, and the fear-based media, but I am ready for $5 per gallon gas. On an individual level, I see no problem with it- individual people should be able to cope easily with the right transportation choices for their lifestyle. From a corporate standpoint, I am concerned about the effects on some industries and therefore the financial markets, but even there I am confident that American companies will find ingenious ways to make a profit in any environment.

Necessity is the mother of invention, and I am firmly in the camp that believes we need some invention ASAP to maintain our political and economic dominance over the world long term. Bring on the $5 per gallon gas!

twikoff
09-22-05, 07:28 AM
2.57 for regular unleaded

oh wait.. this isnt the gas price check thread? :hscratch:

twikoff
09-22-05, 07:30 AM
btw.... Didn't I read that Exxon had a PROFIT of almost 11 billion last quarter?

The largest single quarter profit of any company ever?

nice! good to see that the increased gas prices are going to a good cause :whofart:

naughty jonny
09-22-05, 08:04 AM
Ready? It's going to be a matter of weeks for us (Australia) - if not days. Currently we're looking at US$4.70/gallon.

D.Pham4GLTE (>60GB)
09-22-05, 11:28 PM
i paid 6.00/gal a few days ago (and no, that's not a typo) for unleaded.

palebluedot
09-23-05, 02:14 AM
Ready? It's going to be a matter of weeks for us (Australia) - if not days. Currently we're looking at US$4.70/gallon.

It's about $4.20USD per gallon here now for premium and we usually average about $3.50USD per gallon of preimum. So no sympathy for the US from me ;)

funkyryno
09-23-05, 02:42 AM
Isn't Europe averaging about $6 a gallon now?

Of course, they've got cool public transportation and they all drive Opels.

naughty jonny
09-23-05, 02:59 AM
It's about $4.20USD per gallon here now for premium and we usually average about $3.50USD per gallon of preimum. So no sympathy for the US from me ;)

No - I actually meant that we're paying $4.70 USD per gallon of regular now. We should be hitting $5.00 in a few weeks if not sooner.

Pundits are saying that we're probably looking at around $6.50 USD per gallon by Christmas with anything up to $10 USD by this time next year (this was before Rita entered the equation).

Of course, this is all 'scenario' driven, so that $10/gallon may not eventuate.

palebluedot
09-23-05, 04:49 AM
No - I actually meant that we're paying $4.70 USD per gallon of regular now. We should be hitting $5.00 in a few weeks if not sooner.

Pundits are saying that we're probably looking at around $6.50 USD per gallon by Christmas with anything up to $10 USD by this time next year (this was before Rita entered the equation).

Of course, this is all 'scenario' driven, so that $10/gallon may not eventuate.

The Mobil at the end of my street is $1.35AUD for premium per liter. $1.30AUD = $1.02USD. $1.02 x 3.785litres = $3.80per gallon. That's on the northern beaches...where are you?

naughty jonny
09-23-05, 05:35 AM
Oops. My bad. I was using imperial gallons as the conversion (4.54 litres) not 3.785 litres (when I used the online conversion tool, I just clicked on imperial gallons without thinking). :blush:

It seems to be averaging $1.35/L for regular here (Canberra) although I have seen it as high as $1.43 in the last week.

$1.35 = ~$1.05 = so that's a touch under $4.00/gallon at the moment.

talemyn
09-23-05, 08:42 AM
Pfff . . . Imperial Gallons . . . silly Australians . . . -ohbfrank-





Psssst! What's an Imperial Gallon? :(

Tracer Bullet
09-23-05, 08:53 AM
Pfff . . . Imperial Gallons . . . silly Australians . . . -ohbfrank-





Psssst! What's an Imperial Gallon? :(

It's some crazy imperialist British thing. Don't worry about it. They only use it for beer anymore, anyway. :)

talemyn
09-23-05, 09:15 AM
It's some crazy imperialist British thing. Don't worry about it. They only use it for beer anymore, anyway. :)Mmmmmmmm . . . Imperial Gallon of beer . . .

http://www.mindspring.com/~boycekb/images/Smilies/HomerDrool.gif

joeblow69
09-23-05, 10:01 AM
I am to laugh at SUV owners. YES, laugh so much. :lol: rotfl :lol:
You can laugh at us SUV owners if you want, but some of us make enough money, that we don't even care :p

wildcatlh
09-23-05, 10:04 AM
I make enough money not to care (well, I care alot, but I can afford to pay the higher prices), and I still laugh at the SUV owners. :)

talemyn
09-23-05, 10:08 AM
Some of us SUV owners drive them because we are too tall to comfortably fit in regular cars. :mad:

Red Dog
09-23-05, 10:19 AM
I make enough money not to care (well, I care alot, but I can afford to pay the higher prices), and I still laugh at the SUV owners. :)


Same here.

joeblow69
09-23-05, 10:25 AM
I make enough money not to care (well, I care alot, but I can afford to pay the higher prices), and I still laugh at the SUV owners. :)
I guess I don't understand what's funny enough to laugh about then. I mean, if we had to spend all this money on gas, and then weren't able to buy any christmas presents for little Timmy, then I suppose that would be funny.

al_bundy
09-23-05, 10:27 AM
Ok, we'll just laugh at when you have to stand on a hot and sweaty and smelly train platform during the summer months. Or have to walk from your apartment/condo to the subway station in the pouring rain and/or cold.

Or have to sit next to the guy who hasn't showered in weeks.

I drove around 20 miles for a job interview a few months ago and I prefer taking the subway to work. On the 30 minute trip I can listen to my Ipod, read a book, a newspaper, play games on the cell phone, whatever. In the car stuck in traffic you can only listen to the radio. I see people on the subway doing work, studying for law school exams, other exams.

Tommy Ceez
09-23-05, 01:04 PM
I drove around 20 miles for a job interview a few months ago and I prefer taking the subway to work. On the 30 minute trip I can listen to my Ipod, read a book, a newspaper, play games on the cell phone, whatever. In the car stuck in traffic you can only listen to the radio. I see people on the subway doing work, studying for law school exams, other exams.

I work for the subway, ride for free, and STILL refuse to ride the subway when avoidable.

Giantrobo
09-23-05, 04:12 PM
I work for the subway, ride for free, and STILL refuse to ride the subway when avoidable.

Then you my friend are -THE WORST- Citizen Offender! :grunt:

Hell, even huge SUV owners look at you and shake their heads in disgust. :lol:

You have every reason to save gas and save money on gas and you don't.;) You're giving the whole Country and this "gas crisis" The Finger.

Why not just buy a HUMVEE and keep it running 24/7 in your garage? :D:lol:

Tracer Bullet
09-23-05, 05:41 PM
I work for the subway, ride for free, and STILL refuse to ride the subway when avoidable.

That's pretty dumb. Why do you have such an aversion to it?

turborobb
09-23-05, 07:20 PM
http://img217.echo.cx/img217/6249/0426bushbig9ka.jpg

al_bundy
09-23-05, 08:46 PM
I work for the subway, ride for free, and STILL refuse to ride the subway when avoidable.

when i was in the army i had access to free food in the mess hall and still went to eat out a lot of times with a lot of people. When they took away my meal card and gave me $220 a month tax free I started eating in the mess hall a lot more. One time I met someone who had a meal card and refused to eat in the mess hall.

If something is freely available than a lot of people don't like it