Although everyone knows offshore drilling is meaningless/worthless in regards to decreasing our dependence on foreign oil, Hurricane Gustav could show how environmentally/hurricane safe offshore drilling is as it makes landfall. Hopefully, the MSM picks up on any applicable oil spills like they DIDN’T for Katrina and Rita.
Oh yeah, even though gulf production is nothing more than a SMALL drop in the bucket, oil futures could definitely trade higher on Tuesday but should return to normal/actual prices in a week or so. The price as of Monday morning on the global markets is all the way down to $110 a barrel as originally seen on BccList.com here.
Is the gop still having their convention this week? Hahahahahahh!
Update 1: Gustav has passed but the oil rigs are now in a new hurricane’s wheelhouse – hurricane Ike. Fortunately, there aren’t as many oil platforms on the Texas/Gulf of Mexico border and this is where Ike is supposed to it. Unless the fed decides to stupidly cut the interest rate next Tuesday, oil should continue to trade lower.
Update 2: Three (3) oil rigs are missing after hurricane Ike. Offshore drilling in the gulf seems safe.
Update 3: The above posting is from September 2008. Unfortunately, in April 2010, we had a major oil spill in the gulf of Mexico. Shiat!
Update 4: There’s a new CNN poll out on May 5th that state Americans think offshore drilling should continue. Are you fcking kidding me?
UPDATE 6: September 2, 2010 – there was an explosion on oil platform this morning and it’s currently garnering media attention.