[QUOTE=WagnerX5]BTW, don't forget the US has a 670 billion barrel oil surplus (11th largest in the world) for use when some un-foreseen event stops supply....but when the President issues use of the stockpile it's in amounts like 5 million barrels...just enough to stop consumers from shooting each other over oil.

We are about to see a classic case of a woman making the decision. Katrina will force Bush's hand to release more than 5 million barrels of oil. The devastation is unbelivable down south......Phil

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Bush has 'strategic reserves' of crude oil. I understood that the shortage was gasoline. With the number of refineries and pipelines off line, would more crude help?

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You are absolutely right, and no, it will not help. It's not a shortage of crude that is causing the high prices in the U.S. It's the lack of refineries, and our releasing 5, 10, 20 million barrels won't do a thing. It sounds good, but that won't help the price of gasoline.

Juan

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It is horrible... I filled up my X with 93 premium in Brooklyn an hour ago, and the price was $3.25... Im parking my X in the garage and not driving it anymore.... Public transportation it is...

Yah we've discussed that before here. But as long as the media insists on acting as if the price per barrel is effecting the pump cost...you may as well have the info on oil.

Some quotes:

Mayor in New Orleans:
"That four weeks is going to stop all commerce in the city of New Orleans. It also impacts the nation, because no domestic oil production will happen in southeast Louisiana."

Time:
"Yesterday, oil futures spiked to $70.80 before easing to $67.90 by the end of the day, and all of this comes at a time when consumers are already paying high prices at the pump."

"The story is all about oil," said Michael Englund, chief economist with Action Economics. "This is still a fluid situation but we have enough information to feel comfortable lowering our economic growth estimate even further."

Time for regulation in the form of "US Gas and Oil Committee"

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