Friday, September 01, 2006

Crude oil and gas prices drop as chicken little, the sky is falling, hurricane/global warming disaster speculation is downgraded

Basically that post title means that the world record in hurricanes we were supposed to have this season isn't projected to be quite as bad as Al Gore said it would. I guess that means he'll have to go back to his quest to destroy manbearpig...

Sept. 1 (Bloomberg) -- Crude oil fell to a two-month low on speculation a less-active hurricane season and a drop in U.S. demand will cause inventories to jump.

Gasoline use usually dips after the Labor Day holiday. Supplies of crude oil, gasoline, diesel and heating oil are above the five-year average. Colorado State University forecasters cut the number of hurricanes they expect to form in the Atlantic this year to five from seven. A year ago prices rose to a record when Hurricane Katrina shut rigs in the Gulf of Mexico.

[...] U.S. crude oil supplies rose 2.48 million barrels to 332.8 million last week, according to a U.S. Energy Department report released Aug. 30. The gain left inventories 12 percent above the five-year average for the week, the department said. Gasoline stockpiles rose 367,000 barrels to 206.2 million, the report showed.


Gas prices out here fell under $3.00 this week for the first time in a long time, and all because the global warming freaks scared the pants off of skittish investors...

Now we've got to hope the Iran doesn't do anything stupid or prices will go right back up to where they were...