From the New York Times 9/04/05:"The effect of the damage to oil rigs and refineries in the gulf is the greatest uncertainty. But contrary to early fears, the nation's transportation network has not become overwhelmed so far, and despite spot shortages drivers have generally been able to buy gasoline. The price of crude oil fell 2 percent on Friday - to $67.57, up only $1 from a week ago - as a large importing terminal off the coast of Louisiana reopened and the International Energy Agency announced that it would release emergency oil supplies."
Why then has the price of gasoline at the pump risen over 20% this week? Today I saw BP posted for regular 87 unleaded at $3.32 per gallon, Gulf $3.49, Citgo $2.99, Getty $2.97, Exxon $3.99!
Interestingly prices appear to have gone up before inventories were replaced, so what gives? Will we see third quarter corporate profits rise ?
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