We are looking at another week or eight or nine days before refineries are up and going, so refined gasoline is going to be in a shortage situation because of the power outages and flooding. Sen. Kay Baily Hutchison
From the operators’ reports, it is estimated that approximately 99.6 % of the oil production in the Gulf has been shut-in. As of June 2008, estimated oil production from the Gulf of Mexico was 1.3 million barrels of oil per day. It is also estimated that approximately 91.9 % of the natural gas production in the Gulf has been shut-in. As of June 2008, estimated natural gas production from the Gulf of Mexico was 7.0 billion cubic feet of gas per day. Since that time, gas production from the Independence Hub facility has increased and current gas production from the Gulf is estimated at 7.4 billion cubic feet of gas per day. MMS 9/14/08
If the MMS and the Senator from Texas are correct, why are prices for crude and products at least on the NYMEX falling?
Why, when NYMEX crude and product prices are falling fast, have gas prices at the pump in Canada and the SE US risen 40 cents since Thursday?
It would be really funny to have a gas shortage in the country while NYMEX prices are falling.