Gas Prices

[DolfanBob]

Help me out here. We are now over a Month with a massive oil leak in the Gulf of Mexico. And except for the usual Holiday increase. Gas pump prices have relatively stayed the same.
Explane to me how gas prices rise when a low to mid size Hurricane comes thru the Gulf ? causes no damage to the off shore rig. And in the amount of a day or so of slowed down production and based on speculation. Gas prices jump 20 cents or more overnight. I'm confused. 

[Townsend]

based on speculation.

Ding!

[waterboy]

You do have to factor in reduced demand due to an unhealthy economy. Not just lower demand at the consumer level but also the larger companies. I'm not defending their past behaviors administrative pricing, just saying...

[Townsend]

You do have to factor in reduced demand due to an unhealthy economy. Not just lower demand at the consumer level but also the larger companies. I'm not defending their past behaviors administrative pricing, just saying...

There's the stronger dollar as well.

This is the first time I can remember going away for Memorial day and seeing lower gas prices when I return.

[YoungTulsan]

This well was a new find, so it hasn't had an effect on the production of other wells.

Hurricanes force the shutdown of huge numbers of drilling platforms and refineries (which line the southern coast especially in Texas and Louisiana).  The refinery side of things is what nailed us in 2005.  Oil price speculation is what got us in 2008.