Reports that Tropical Storm Ernesto will not strike the Gulf of Mexico sent crude oil prices down $1.27 to $71.24 a barrel on the New York Mercantile Exchange, Bloomberg reported Monday.
Crude oil futures closed at $72.51 a barrel on Friday, up 15 cents for the week on concerns that Ernesto might damage oil platforms and refineries in the Gulf.
The National Hurricane Center expects Ernesto to intensify to hurricane status before making landfall Wednesday in Florida, Bloomberg reported. The center then expects the storm to move northeast along the Atlantic coast.
JimHolsbeck
Hmmmm...
Oil goes down a bit because the hurricane misses, but fuel is going to go up because there aren't enough trucks to haul it. Perfect.
vegas max
Such is the case in Vegas. I'm told that tankers go to the tank farms, load and then the tank truck company puts the load of fuel up for bid!
On top of that, Flying J has anounced that they are "buying into" a proposed pipeline from Texas into Arizona and Southern Nevada to ease supply problems and ease the pricing. Ah, lets see, with fuel prices jumping about .30 cpg guess who's paying for it ?!?
Jerry
Tom Cobb
There have been fuel shortages across I-80 in NE, WY, and UT for over a month. The governors have suspended HOS rules for tanker truck drivers delivering diesel fuel in those states.
There have been fuel shortages across I-80 in NE, WY, and UT for over a month. The governors have suspended HOS rules for tanker truck drivers delivering diesel fuel in those states. 