Re: stay home guys

Posted by Jay (ND) on September 01, 2005 at 15:00:43 from (66.231.126.248):

In Reply to: stay home guys posted by Nebraska Cowman on September 01, 2005 at 10:29:24:

1st common sense post about gas. Curb demand and prices will fall, even the speculator driven market can't deny that.

Here are a few things to consider - 641 rigs were shut down due to Katrina. Of them, 20 received damage. Of the 20, 19 was minor damage (knocked off its moorings, disconnected from pipeline, etc.) 1 received major damage and is sunk. However, it was a crude unit (which is in abundance) that only pumped 1500 BPD. All rigs, even the undamaged ones will take at least a couple of weeks to get back to full pumping. It's not light turning on a light switch, it as to be done slowly.

Facts from the DOE:
We have 194.4 million barrels of gasoline vs. 208.8 a year ago - this puts us in the low end of the normal range.

We have 135.2 million barrels of distillates (heating oil, diesel, kerosene, JetA, etc.) vs 129.1 a year ago, which puts us in the middle of the average range.

We have 321.4 million barrels of crude (excluding strategic reserve) vs 281.7 a year ago - puts us in the high end of the normal range.

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