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Gas prices may last six months

Discussion in 'The Lounge' started by N8 v2.0, Oct 3, 2005.

  1. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    Been awhile since we had a gas price thread....

    Gas prices may last six months
    By James R. Healey, USA TODAY

    The nation's energy chief says it will take six months for U.S. energy production and prices to return to pre-hurricane levels, and he hints at energy shortages in the interim.

    That's the most blunt and pessimistic estimate yet of how long the energy disruptions caused by hurricanes Katrina and Rita will affect the USA. But it could help Energy Secretary Samuel Bodman sell Americans on a conservation campaign he plans to detail Monday.

    "How long before we return to normal? It's hard to know, because we have not yet got an assessment" of damage from Rita, Bodman said in an interview with USA TODAY on Friday. He said it will be two to three weeks before the assessment is done.

    "We're going to go through a very challenging time the next six months, is my guess," Bodman said. "Most of us have viewed energy availability as a kind of right of citizenship," he said, and might have to rethink that as refineries are restarted, pipelines repaired and natural gas processing resumed. "Both in terms of gasoline availability and (prices of) natural gas and heating oil, we're going to have some problems."

    Hurricane Katrina swept the Gulf of Mexico and hit shore near New Orleans on Aug. 29. Rita followed Sept. 24, hitting the Texas coast west of Katrina's landfall. The two storms temporarily closed all Gulf oil operations and most natural gas operations, according to the U.S. Minerals Management Service.

    Only 2% of Gulf oil production had resumed by the weekend, MMS reported, and 21% of natural gas production. The Gulf supplies 29% of U.S.-produced oil and 19% of U.S.-sourced natural gas.

    The nationwide average for unleaded regular gasoline is $2.92, AAA said Sunday. That's up about 30 cents from before Katrina hit.

    Gasoline supplies are being supplemented by increased shipments from overseas. But natural gas, the heating fuel for most Americans, can't easily be shipped. Industry and government forecasts say that tight gas supplies could result in heating bills nearly doubling.

    Keeping prices down "could be challenging if we get exceptionally cold weather," warns Paula Reynolds, CEO of big gas supplier AGL Resources. That could use up the cheaper gas that utilities have in storage and require them to replace it with today's high-price natural gas, passing the increase to users.

    The government conservation plan will ask Americans to turn off lights, change thermostat settings, drive slower, insulate homes and take other steps.
     
    #1 -   Oct 3, 2005

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  2. narlus

    narlus Eastcoast Softcore
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    my bet w/ SS is still looking good.
     
    #2 -   Oct 3, 2005
  3. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    I wonder if we will ever see $1.20/gal gasoline ever again...
     
    #3 -   Oct 3, 2005
  4. DRB

    DRB unemployed bum

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    No. They'll never give that much back. AND you won't see $2.00 again either.
     
    #4 -   Oct 3, 2005
  5. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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    Drill Anwar!
     
    #5 -   Oct 3, 2005
  6. N8 v2.0

    N8 v2.0 Not the sharpest tool in the shed

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  7. SkaredShtles

    SkaredShtles I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!

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    I've got a bacon bet that we will...... :D
     
    #7 -   Oct 3, 2005
  8. blt2ride

    blt2ride Turbo Monkey

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    Not likely. To be honest, I don't even remember the last time gas was around the $1.20 mark. I'm thinking it was probably in 2001. At this point, I would be happy if gas went back down to the $2.00 a gallon range...
     
    #8 -   Oct 3, 2005
  9. -dustin

    -dustin boring

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    prices have been so dynamic lately. it's rather annoying. 3 days ago, $2.76. following morning, $2.99. 6hrs later, $2.73...yesterday it went up to $2.89, and now it's down to $2.83. seems every bit of news being released causes some sort of a panic in the prices at the pump.
     
    #9 -   Oct 3, 2005
  10. JRB

    JRB Guest

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    It's impressive that places like Julie's work are cutting pay, and the government won't intervene to minimize the pain. When does this administration leave office???
     
  11. JRB

    JRB Guest

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    I saw $3.39 diesel yesterday. That is about to create one giant fvkking wake up call.
     
  12. Westy

    Westy the teste

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    We have gone over this again and again. The oil produced by ANWAR would only end up supplying abou 1-2% of US requirements. That wouldn't drastically decrease prices. Also, isn't the big problem now being refining capabilites not crude supplies?
     
  13. narlus

    narlus Eastcoast Softcore
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    <: crickets :>
     
  14. H8R

    H8R Cranky Pants

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    I did some math today.

    Since I have moved farther north from Oakland to put my kid in a better school, I'm gonna be spending $4,000 + a year on commuting gas and $780 a year in tolls.


    A year ago I had a 20 minute bike commute.

    :dead: :dead: :dead: :dead: :dead:
     
  15. Westy

    Westy the teste

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    I'm getting about 70 mpg on my motorcycle and putting half my traveling miles on it. My over all gas usage has dropped to 55% of what it used to be.
     
  16. buildyourown

    buildyourown Turbo Monkey

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    I love it. Biodiesel is actually getting cheaper. Now it actually makes financial sense to run bio AND you get a warm fuzzy.

    I hope gas goes to $4
     
  17. JRB

    JRB Guest

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    Did I see a price drop on the fork??? ;)


    :D
     
  18. JRB

    JRB Guest

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    Are you on some sort of life continuation device???
     
  19. SkaredShtles

    SkaredShtles I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!

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    My gas usage has apparently decreased somewhat as well, since I paid less in August & September than any earlier month this year.

    Of course the odometer on my bike now reads 685 miles (reset in late August). :thumb:
     
  20. dan-o

    dan-o Turbo Monkey

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    At least you avoided having to pay $5k/yr for private school.....
     
  21. PatBranch

    PatBranch Turbo Monkey

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    I hope the gas price significantly go down by the time I get a car.
     
  22. narlus

    narlus Eastcoast Softcore
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    i wouldn't count on it.

    in fact, i've got some bacon riding on it.