Does this mean oil prices likely to rise further?

Question

Natural disaster: Oil extraction suspended and damaged when Hurricane Gustav sweeps the Gulf.

Man made disaster: Russia diverts oil from Europe to Asia due to EU sanctions.

Answer 1

saying it simple: yes it is

Answer 2

Yes. However, oil is not "running out" as some answerer's noted. I live on the Gulf Coast and there are literally hundreds (if not thousands) of "capped" oil wells thanks to the Clinton/Gore administration. There is plenty of oil, and it sickens me when these people (public figures and media) say that it's running out. The Clinton/Gore administration sold "contracts" to all of the people (here) who had oil wells in the 90's saying that they'd pay them a certain $ amount per year for the term of their contract for them to cap their oil wells and to not drill as part of an environmental plan. However, the $ they're being paid is about 1/4 what they made when they were drilling. Most still have 5-10 years left on their contracts before they can start pumping and drilling again. The oil fields were replaced with soy beans, cotton, and peanuts until these contracts expire. There is plenty of oil in the US alone, but we're being led to believe that there isn't. We simply want to deplete everyone else's supplies and resources before using our own. Most of the oil platforms in the gulf don't even pump oil. They find it and cap it. I'm not trying to feed you propaganda or anything else. I'm telling you the honest truth that most of us in the South know.  

Answer 3

right on broken glass, I left, the coast in the late 90's because all my work phased out as they closed the wells. People away from there think only in terms of OIL. don't realize the far reaching effects to other industry, If the wells had stayed working there would have been a lot more local moneys to repair and rebuild, then all these people who complain that "their" money is being wasted on the area wouldn't have as much to complain about. The coast alone can't supply all that is needed but it would certainly keep the prices manageable.

Answer 4

i'm walking 10 miles today to have the haircut.

Answer 5

Unfortunately, YES!

Answer 6

Oil prices will continue to rise because it is running out. Any disasters will not make much difference.

Answer 7

YES, fill up the tank today. Be smart!!

Answer 8

oil will constantly rise in pricese becuse there is less and less of it all the time

Answer 9

Supply and Demand dictate price. If the market gets even the slight perception, the supply will be disrupted,i.e gustav or russia, then prices are likely to rise.

The price so far has not gone up to much,b/c the market has the perception that in the even of an emergency, the govt will realease oil from its strategic reserve.  

Answer 10

Yes it will.

the only answer to this is to build nuclear power stations to reduce the quantity req.

the only trouble with this is we will probably let other country,s build them because the government have no for sight.I know your thinking the government are not that stupid,Just watch.

Answer 11

Yes - here we go again!

Answer 12

Definitely. And with McCain preparing to bomb Iran when he is elected, expect to pay £2 plus at the pumps.