Panic Buying of Gasoline Trading (CNBC)

[doxieone]

Panic buying related to oil, CNBC.

Gas trading resumes after being stopped for 5 minutes.

I know we have a separate thread for the stock market, but this deserves a separate mention.

Coast guard reported 7 oil rigs floating free. 137 total rigs, about 90 stopped prior to Katrina.

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ADDENDUM: CNBC now reporting the refinery in Baton Rouge is on some sort of cut down of production.

[htuttle]

1. Seven rigs floating free?

Oh, that's much worse than the two I'd heard about earlier.

Still no news about the LOOP terminal?

[doxieone]

2. MSNBC

Traders are calling all sources and clients to get a sense of how much Katrina impacted oil production and refining. The U.S. Mineral Management Service said 92% of oil production was shut down Monday in the Gulf of Mexico region, while 83% of natural gas production was halted, CNBC's Melissa Francis reported.

http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P127958.asp

[Winston702]

3. Gas price increase

On way home yesterday, stopped at gas station and attendent said that the price will increase $0.65 to $3.25/ gal for reagular unleaded and she is just waiting for the phone call.

[Sequoia]

4. The gas station closed on me

last evening at around 6:30 pm. The gas was $1.65 and the attendant said cash only. I had $4 so went to the store to get cash. Came back in about 7 minutes and the bloody station was closed. Closed so the jerks can jack up the price to $1.73 and still rising.

On Edit: What a dolt I am. It was $2.65. I need a Bush Vacation!!!

[Shakespeare]

5. Where the heck are you getting gas for $1.65 a gallon?

We're pushing $3 a gallon here in CA, and I thought the rest of the country had just about caught up to us on prices.

[Sequoia]

7. It was rural Northern California, but today it's up but not quite like you

who are in Marin County I'll wager. For sure, for sure, it'll be up to $3 by tonight.

[LifeDuringWartime]

6. that's it?

gas went from 2.69 to 2.79 in a day here. it's 2.81 at mobil, which is always about 2 cents higher than the other two stations

[gasperc]

11. no shit, we're paying $2.79 here in detroit

and there was a run on gas last night from panic buying. a few stations ran out. This will spread and further jack up prices, except they won't come back down for awhile.

[Norquist Nemesis]

8. Just got back from gassing up

I only needed half a tank to get to full, but I figure it's better to pay at $2.68 today than buy twice as many gallons at a 20-30 cent higher rate! From what I've read, the rigs affected area are our supply chain for here in the midwest. Prices are going to be jumping by the end of today or tomorrow morning, undoubtedly. And with the Labor Day weekend coming, supposedly there would be greater demand.

It's going to get really interesting if the WH starts shifting their eyes at Venezuela. They just signed an oil deal with *drum roll* CHINA! Venezuela has oil AND refining capacity that could really benefit us. Isn't *cough* wonderful *cough* that we have Bolton at the UN to start putting the screws err....diplomatic arm twisting in the background?

[underpants]

9. I filled up yesterday- and yes *cough* I wonder if they will blame Chavez

for Katrina.....at least 36% would buy that too

[durablend]

10. The angry mobs be circling...

Only a matter of time where we're going ($3.25/gallon if the current price hits pumps, definitely over 4 bucks in CA).

The WH better be installing that barbed wire and SOON

[FlashHarry]

12. $2.75 + here in Omaha.

In Omaha fer chrissakes!

[evworldeditor]

14. That's why I filled up my wife's car Monday night, here in Papillion

Price was 2.57/9 for E10. Fortunately, I work from home now and use my electric bike to run errands to the post office, bank and Target.

Just got my B&D electric lawn mower and used it a few minutes ago to mow the lawn... gasoline free. Cut the whole yard (about 7000 sq feet) on one charge. Game plan is to use a little gasoline now as possible.

Ace-in-the-hole is my 2000 Honda Insight parked in the garage. Now if only I could get my wife to learn to drive a stick, we could park the Accord.

:-)

[Jersey Devil]

13. regular $2.54 to $2.64 overnight here in NJ

That is Citgo, which is cheaper by about 10 cents than Exxon & Shell.

[demgrrrll]

15. I just filled up for $2.39. I was told that prices were already up to

$2.70 in West county. Costco does not change prices until midnight so that may be an out for anyone who lives near a Costco and has a card.

[sarcasmo]

16. 2.99 in West Michigan, the King is doing a happy dance as we

fork it over at the pump.