One-third of the production in OPEC is deteriorating and doesn't have very good prospects of improving in the short run.
More Quotes from Adam Sieminski:
The potential for a cyclical downturn in 2008-09 -- or sooner if we have a global economic recession -- is realistic.Adam Sieminski
Maybe what we need is surreptitious federal regulation that forces gasoline prices up for good reasons that politicians can explain.
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We believe that the oil ministers are inclined to defend a 55 per barrel floor in the near term.
Adam Sieminski
This is going to translate into 3 gasoline for everyone and prices may go higher. The chances of another storm hitting the region are pretty high and we just aren't prepared for it. Refineries are already having great difficulty getting back up and running.
Adam Sieminski
The biggest impact may be damage to the port facilities south of New Orleans. We have no way of knowing now how badly they are damaged.
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