- Thread starter Drake
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Hurricane Rita could disrupt Oil production
Are you predicting $87/BBL oil?
Katrina added $3.
We are already up $4.50 from post Katrina lows.
A spike to $70 is certainly feasible, but another $20???
You just might qualify for a new job as a CNBC puppethead!
Katrina added $3.
We are already up $4.50 from post Katrina lows.
A spike to $70 is certainly feasible, but another $20???
You just might qualify for a new job as a CNBC puppethead!
oil and gas platforms in the Gulf
Interesting map of oil and gas platforms in the Gulf.
http://www.mms.gov/ooc/Assets/Katrina091605/Storm track.JPG
Interesting map of oil and gas platforms in the Gulf.
http://www.mms.gov/ooc/Assets/Katrina091605/Storm track.JPG
I don't think that Rita 'could' disrupt production, I think Rita defnitely is disruping production even now as we speak..
This takes a little while to load, but it is worth it.. http://cimss.ssec.wisc.edu/tropic/real-time/visir/atlantic/visirjava3.html
This takes a little while to load, but it is worth it.. http://cimss.ssec.wisc.edu/tropic/real-time/visir/atlantic/visirjava3.html
As long as we're talking about oil production and the effects of current weather on DR oil supplies, I'll let the thread stand... but, let's not go off topic here...
Approximately 258 oil rigs out of 822 were disrupted in the Gulf coast due to Katrina. That lowered the amount of oil that could be sent to refineries.
More than half of those rigs are working again. But if Rita were to put 300 or 400 oil drilling platforms out of commission, a real supply crunch in this country would result and demand for foreign would easily raise the price of crude to levels beyond $70 per barrel.
But most of the rigs hit were based offshore below Louisiana and Alabama. If Rita makes a direct hit on Galveston, it will certainly wipe out some rigs, but not a big cluster of oil platforms that sits below Louisiana.
If there is damage to even a 100 rigs -that will hurt and you most likely will see gas prices hovering above $3.00 a gallon stateside for another month. Price is $2.69 a gallon lowest in No Virginia and $3.19 - $3.25 a gal. many places in MD.
Since the D.R. depends totally on foreign oil, a low supply would keep prices high, unless Venezuela gets in gear and begins shipping tankers. But therein lies the problem -there's a current shortage of oil tankers and Venezuela is having problems with available tankers to ship the oil.
More than half of those rigs are working again. But if Rita were to put 300 or 400 oil drilling platforms out of commission, a real supply crunch in this country would result and demand for foreign would easily raise the price of crude to levels beyond $70 per barrel.
But most of the rigs hit were based offshore below Louisiana and Alabama. If Rita makes a direct hit on Galveston, it will certainly wipe out some rigs, but not a big cluster of oil platforms that sits below Louisiana.
If there is damage to even a 100 rigs -that will hurt and you most likely will see gas prices hovering above $3.00 a gallon stateside for another month. Price is $2.69 a gallon lowest in No Virginia and $3.19 - $3.25 a gal. many places in MD.
Since the D.R. depends totally on foreign oil, a low supply would keep prices high, unless Venezuela gets in gear and begins shipping tankers. But therein lies the problem -there's a current shortage of oil tankers and Venezuela is having problems with available tankers to ship the oil.
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