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Business/Finance
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Title: Oil Plunges as Tropical Storm Ernesto Expected to Miss Oil Installations
Source: Reuters
URL Source: http://www.foxnews.com/story/0,2933,210776,00.html
Published: Aug 28, 2006
Author: Reuters
Post Date: 2006-08-28 12:55:58 by Brian S
Keywords: None
Views: 259
Comments: 6

Monday, August 28, 2006

LONDON — Oil fell $2 to below $71 a barrel on Monday as Tropical Storm Ernesto was expected to miss U.S. Gulf oil installations, almost a year after they were pounded by Hurricane Katrina.

Ernesto, which had become the year's first hurricane, weakened into a tropical storm on Sunday and was expected to hit southern Florida instead of key oil and gas platforms in the Gulf of Mexico.

"The storm for now looks like it's going to have no impact on oil," said Olivier Jakob of Petromatrix in Zug, Switzerland. "It started to be discounted on Friday and now there is a continuation of that."

U.S. crude fell $1.91 to $70.60 a barrel by 1502 GMT, after on Friday paring much of the day's gain to rise 15 cents. London Brent crude slipped $1.64 to $71.06.

"The threat to oil is now fading quickly," said Tobin Gorey of the Commonwealth Bank of Australia.

As a precaution, BP (BP), Shell (RDS) and ConocoPhillips (COP) had said Sunday they were pulling non-essential workers from rigs in the U.S. Gulf.

Ernesto pelted southeastern Cuba with heavy rain but diminished winds on Monday. It could become a hurricane again over the Florida Straits, the National Hurricane Center said.

Hurricane Katrina hit New Orleans on August 29, 2005. Last year's storms toppled offshore rigs, destroyed pipelines and flooded refineries, sending oil to a then-record high.

As of the middle of this year, about 12 percent of the Gulf of Mexico's 1.5 million barrels per day of crude oil production remained offline because of the record 2005 storm season.

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#1. To: Brian S (#0)

Summer vacations are over - time to play the game - bring down price a tad after the sheeple have become used to $3 dollars a gallon.

Jethro Tull  posted on  2006-08-28   13:03:01 ET  Reply   Trace   Private Reply  


#2. To: Jethro Tull (#1)

bring down price a tad after the sheeple have become used to $3 dollars a gallon.

Helps a particular political party going into the election cycle, as well.

Remember...G-d saved more animals than people on the ark. www.siameserescue.org

who knows what evil  posted on  2006-08-28   13:24:24 ET  Reply   Trace   Private Reply  


#3. To: Brian S (#0)

Is there an election cycle coming up?

Yes?

End of story, IMO.

Please don't ask me to change this tag line.

add925  posted on  2006-08-28   14:24:57 ET  Reply   Trace   Private Reply  


#4. To: who knows what evil (#2)

Helps a particular political party going into the election cycle,

Yep, and so will another "terrorist" attack.

Jethro Tull  posted on  2006-08-28   14:31:33 ET  Reply   Trace   Private Reply  


#5. To: add925 (#3)

Is there an election cycle coming up?

That HAS to be the reason. I myself thought the same thing when I put some gas in earlier today.


You appear to be a major trouble maker...and I'm getting really pissed. - GoldiLox, 7/27/2006

FormerLurker  posted on  2006-08-28   16:43:51 ET  Reply   Trace   Private Reply  


#6. To: FormerLurker (#5)

That HAS to be the reason. I myself thought the same thing when I put some gas in earlier today.

Been driving long enough and heard enough BS like: "cost goes up as demand spikes, such as around the holidays (you stupid consumer)."

Now, Labor day is around the corner and the price has dropped.

Elections are around the corner and the price has dropped.

Which is it, Oil Barons?

Elections or the law of supply and demand that we are too stoooopid to understand?

(Elections, FL, elections.....shhhh, don't let the word out)

p.s. Get ready to bendover this Thanksgiving.

Please don't ask me to change this tag line.

add925  posted on  2006-08-28   16:51:00 ET  Reply   Trace   Private Reply  


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