How come hurricanes never had much affect on oil prices until recently?

Question

Like before 2005 when Katrina hit there were hurricanes in the Gulf that had little or no impact on oil prices but now in a post-Katrina world just the threat of a major hurricane in the Gulf makes the oil prices go up like crazy!

Answer 1

LOL I just asked the same question, I think they are using any excuse they can to raise the price, I just heard it on the radio that they might have a hurricane, so they were raising the price again, this makes no sense to me, I think our gov't thinks we are all fools

Answer 2

I think it's because the rigs are more cautious with the tropical storms now.  At any sign of a tropical storm/hurricane in the gulf all of the oil rigs have to evacuate.

Evacuating means no drilling, means less production, causing raised prices.

Just the past month the Gulf has been evacuated three times.  They are just not taking any chances anymore.

Answer 3

Gulf hurricanes always had an effect on oil prices. You just weren't paying attention until now.

Answer 4

Because it is politically incorrect to blame gas prices on the production losses caused by Bush's war in Iraq.

So, the mainstream media has to make up other excuses.

The Republicans are always worried about being "PC".