Arizona Discount Travel Blog

Hurricane season is here – $150 for oil is a reality too

By Associated Press and Kiplinger Business Center – May 30, 2008

I just recently predicted oil would get to around $200 per barrel, and it looks like I’m right on target … price of oil expected to rise on news that busy hurricane season in Gulf of Mexico will push cost of barrels to $150

Meteorologists are predicting a busy hurricane season this year, and any direct hit on the Gulf of Mexico’s extensive oil and gas infrastructure could easily send already sky-high oil prices rocketing past $150 a barrel.

But predicting whether, much less where a big storm will strike, is tricky business. Energy markets haven’t priced in a potential catastrophe, and won’t factor in a hurricane until a storm actually forms.

The 2005 hurricane season was one of the most destructive in history

One powerful Hurricane in the Gulf of Mexico would put gasoline at $6.00 a gallon

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June 1, 2008 Posted by | Commentaries, In the news, Oil and Gas News | Leave a comment