Fuel Prices

[MEDIK418]

Originally Posted by Phillyfanfrombirth

Yes, they did go up... however, it was a big issue only in business news. The public generally doesn't react to a couple pennies at the pump.

I beg to differ. The official government watchdog information agency reports that for the month of February, 2005, gasoline prices held steady (actually dropped 2 cents a gallon) until the last few days of the month and rose 4 cents nationwide.

My point is that whenever the public perceives a threat, the whole market goes nuts for no reason. I can't remember the hurricane that tore up the gulf before Katrine. Anyway, there were some damaged resources in the gulf but the Western side of Florida took the brunt. One drilling platform in particular, owned by BP Amoco, was found listing about 30 degrees after the hurricane tore through it. There was fear that it would topple if hit by the next storm which was already brewing. Gas prices went nuts again. Interesting part is that the rig was being towed out to sea when it was hit. It had never been put into production but the media had us believing that we'd lose production for years to come if it sunk during the next storm.