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.
More Quotes from Adam Sieminski:
If the 400,000 were to be shut down for a significant period of time, then OPEC would have to reassess what they were going to do at the meeting.Adam Sieminski
The economic stimulus from rebuilding will help offset the economic drag caused by higher energy prices.
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It's not going to be of much help unless we get refineries running again. Releasing oil from the SPR right now would be actually inappropriate because there would be no place to put it.
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Let's get the high-consuming cars off the road, start paying for them and recycle them -- put them in a crusher.
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There is still a great deal of damage that will keep natural gas and refined products tight for the next few months. The next move will be back up.
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Iran and Nigeria have got people extremely nervous.
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