Enter Ike...Stage center
...and here we go again...
Latest word tonight is coming compliments of a note I received from the Toronto area that is warning of an imminent 13 cent a litre increase at the pumps.
Yes...I said 13 cents a litre.
According to Bloomberg's news service, they say that Gulf Coast gasoline that comes mainly from the Louisiana and Texas border area, increased in price today to close on the markets at close on $4.74 a US gallon. That was a 50 per cent increase and, as they say in the article, the largest increase in the cost of gasoline since 1973 and the Arab oil embargo.
Unbelievable as it is, your energy and the use of our natural resources, is not on anyone's election agenda as of yet. Fifty bucks says that, if Toronto consumers get hit with an added 13 cents a litre tomorrow, it will be on Harper's agenda by Friday...
If you're in Newfoundland and Labrador (and I'll be cautious about this one) I'd fill up the vehicle by the morning and try to let it ride for a few extra days just to see if the New York Mercantile Exchange decides to play the Ike factor tomorrow.
So far, Ike has shut down upwards of 2.2 million barrels a day of refining capacity available in the United States Gulf coast. That's about 14 per cent of overall US refining capacity. Most refining capacity that has been shut down is centered right where Ike is forecast to come ashore, in the Houston area. Refineries lay dormant for now until after the storm rolls through and any damage can be assessed.
Again, we'll keep everyone posted right here on what's happening(if anything) and keep an ear to the local media as I usually pound out a press release to them now and then. If this thing does indeed play itself out in Toronto tonight, you can bet your bottom dollar that it will play out in other areas of the country.
It's all getting so tiresome, this Katrina and Rita play the traders keep using. I just want to know why all these things are not on the election radar for any party...
Regards,
George
5 comments:
George:
Is that NYMEX price for gasoline for October delivery or for gas coming next week or tomorrow?
Heck, if we were supposed to be paying prices based on October delivery our current prices should be way lower than they are right now. At least that's the way it looks to me.
I can't figure out how the average price per litre in a range of cities, as reported by Ervin went down almost two cents last week but here gas went UP by one and a half cents.
Gas has not dropped in price here in the better part of a month or two, at least not any real amount while in other cities across Canada (where the prices aren't fixed by government), it has dropped dramatically in the same time frame.
Incidentally, the latest Forbes story shows gasoline futures dropped to new lows as fear of Ike subsided: "NYMEX October RBOB gasoline futures were down 9.28 cents at $2.6575 per gallon after trading as low as $2.6300 per gallon."
It's all back up again, at least on a temporary basis until Ike blows through.RBOB rose by 35 cents yesterday. That breaks down to 10.25 a litre plus the taxes.
George - if your going to represent consumers, why are you telling people to go out and fill up? Shouldn't you be giving advice on how to not make a demand for oil that fits into th ehands of Big Oil? Why don't you inform people on how to reduce their consumption, car pool, etc. Seems your in bed with the Oil execs!
If I were in bed with Big Oil, I wouldn't be driving a taxi for a living...lol
I see things as they are, and get people to conserve and avoid any increase where it might be applicaple, if I may say it in those terms.
Either way, my tank is filled now so, I just might avoid any play that the rgulatory authorities around here might try to pull on me if they do over the wekend...
In bed?...Nope...With two newborns here, I can only wish I was!...lol..I just tell it like I see it going down.
***Applicable!...lol
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