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Oh lovely... Oil hits record $68 on storm, gas draw

N8 v2.0

Not the sharpest tool in the shed
Oct 18, 2002
11,007
149
The Cleft of Venus
I just fuel up on $2.39/gal gas yesterday.... the most I've ever paid for a gallon of gas... :(

Oil hits record $68 on storm, gas draw
Thu Aug 25, 6:10 AM ET

LONDON (Reuters) - Oil surged to a record $68 a barrel on Thursday, hounded by supply concerns due to a growing threat to oil facilities from an Atlantic storm and a large fall in U.S. gasoline stocks.

U.S. light crude was up three cents at $67.35 a barrel by 0958 GMT, pausing after hitting $68 in early trade, the highest since U.S. crude futures started trade in 1983. London Brent crude was up 12 cents to $66.13.

Dealers are concerned about a thin stock cushion after a rash of disruptions and tensions in oil-producing countries cut crude output and propelled prices to a series of record peaks.

Gasoline stockpiles in the United States, the world's top oil consumer, beat forecasts to register a slide of 3.2 million barrels in the week to August 19, widening the supply gap from a year ago, the government Energy Administration Agency said.

Stocks of the auto fuel have contracted for eight straight weeks, led by higher demand as the peak driving season has almost two weeks to run its course.

Compounding the fears, a tropical storm is swirling toward Florida, threatening U.S. oil and gas production facilities in the Gulf of Mexico.

"The market is really starting to get unhinged," said John Brady at ABN AMRO in New York. "The majority can be attributed to the storm, and some geopolitical concerns as well."

Tropical storm Katrina, which formed in the Bahamas on Wednesday, was moving on a path that would likely cut across southern Florida and into the Gulf of Mexico later this week, the U.S. National Hurricane Center said.
 

Ian F

Turbo Monkey
Sep 8, 2001
1,016
0
Philadelphia area
N8 said:
I just fuel up on $2.39/gal gas yesterday.... the most I've ever paid for a gallon of gas... :(
$2.39??? I haven't seen that in over a month... for diesel... which is a bit cheaper than unleaded right now... :(

Fillin the oil tank in my house this Fall is gonna hurt. :eek:
 

PonySoldier

Monkey
May 5, 2004
823
0
Woodland Park Colorado
SkaredShtles said:
Does that take much longer than driving?

Bus from my house would take significantly longer than biking. :dead:
Not really, although I suspect under adverse weather conditions it might..its considerably cheaper as well. I lose about an hour because the return Bus schedule doesn't accomodate my 6:00am-2:30pm schedule, 1st Bus back uphill is 3:38, however my stress level is greatly reduced.
 

manhattanprjkt83

Rusty Trombone
Jul 10, 2003
9,030
472
Nilbog
when i read stuff about gas prices i just think about all those morons in h2's that i see on the way to work, im not an SUV hater, i mean if you need the thing you do, but that sh1t only gets about 12 mpg. I want to scream every week when i fill up my vr6 jetta.


and i would commute but its like 25 miles of interstate each way, and no real good roads to ride.
 

blt2ride

Turbo Monkey
May 25, 2005
2,334
0
Chatsworth
Ian F said:
$2.39??? I haven't seen that in over a month... for diesel... which is a bit cheaper than unleaded right now... :(

Fillin the oil tank in my house this Fall is gonna hurt. :eek:
I haven't seen gas for $2.39 in months. What state do you live in? Here in Southern California, gas is between $2.69-$2.89 per gallon for 87 octane. As for diesel, it's about the same price as 91 octane, which is about $3.09-$3.20 per gallon.
 

blt2ride

Turbo Monkey
May 25, 2005
2,334
0
Chatsworth
Last week I saw something that shocked me. I was in a local gas station, and some guy walked in and put 2 $100 bills on the counter and told the clerk to "fill 'er up." I couldn't believe it, that dude was paying $200 bucks to fill up his big 'ol Ford diesel truck.

The worst part, it wasn't even a work truck, it was his daily driver...what a waste of money!
 

Bullitrider

Monkey
Apr 17, 2004
577
0
Seattle
A gas station somewhere around here was on the news saying they have let their pumps run dry. They have tried to keep their pump prices low for the consumers but they couldn't keep it up. They said they would refill when prices go down. Good luck to that.
 

SkaredShtles

I love NEWCASTLE and will ONLY drink NEWCASTLE!!!!
Sep 21, 2003
49,331
3,247
In a van.... down by the river
PonySoldier said:
It's his money to waste..
:stupid:

For some people, the price of a tank of gas is such a miniscule portion of their monthly budget that they probably wouldn't even care much if gas went to $4/gallon.

I mean, if you're making 250K a year, who really cares how much gas is?