Hurricane worry sparks gasoline price rally

[RamboLiberal]

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/09/15/financial1826EDT0337.DTL

Gasoline futures prices jumped nearly 2 percent Monday on the New York Mercantile Exchange amid growing concern that Hurricane Isabel may strike the East Coast and affect refinery operations or imports.

Crude oil futures fell 0.5 percent, however, continuing their down trend as supply concerns have eased with the passing of the summer driving season and the winter heating season yet to get under way.

Forecasters said Isabel could hit anywhere from North Carolina to New Jersey late Thursday or early Friday with sustained winds of up to 130 mph. The storm is forecast to reach the North Carolina coast early Thursday and be near the Washington, D.C., area by early Friday.

"There's also a little bit of concern that the storm, if it takes a bit of a track north, could disrupt the New York harbor somewhat," said Phil Flynn, analyst with Alaron Trading Corp. in Chicago. "That's one of the reasons we're up so much. The storm track could disrupt gasoline imports, and activity in the New York harbor."

[DoYouEverWonder]

1. This is called gouging

I believe some states have laws against such things.

[peterh]

2. Sitting here scratching my head….

Anyone from Kalamazoo to Timbuktu can play the futures market on the NYMEX if they’ve got a healthy tolerance for risk and not to mention, a healthy bank account.

Gouging is when your local retail store ups his price 25 cents or more based on a “very” speculative 2 cent hedge move in paper futures.

[DoYouEverWonder]

3. Misread too fast

I thought they were referring to prices at the pump. Oops.

[benfranklin1776]

4. You can rest assured though that those too will be rising.

The headline will read "aniticipating a rise in the cost they pay for gasoline retailers have begun raising prices." Any suitable excuse is invariably milked to raise prices througout the supply chain.

[BiggJawn]

5. So that's why it shot up 15 cents yesterday...

On the way to work, $1.51. On the way home, $1.66...

And plywood will cost you folks in NC twice what it did last week because of all the materials that are going to the "rebuilding" in Iraq...

[Lefty48197]

6. That's their excuse du jour

Those oil execs aren't very creative. I get the feeling they pick up a copy of USA today when searching for their newest excuse for the high gas prices.

[pfitz59]

7. Gas prices here in Seattle area are wierd!

One station $1.71, next block over, same gas $1.99. WTF is going on?