week ends with gas price up
I read an article off MSNBC.com called Government agrees to lend oil from reserve. The government's strategic Petroleum Reserve is talking about how two "refineries" one in LA and the other in TX are running short on crude oil due to Hurricane Ivan. The agreement is that no more than 4 million barrels of the oil are to given out and once the problem goes away they are expected to replenish what they took from the government's Strategic Petroleum Reserve. According to the Bush administration the oil is not coming from the emergency reserves and it is not being used to lower gas prices. Due to the destruction of the Gulf of Mexico and the oil pipelines and platforms, gas has become harder to obtain. 1.7 million barrels are being sent to two shell stations,one in TX the other in LA, to help them rebound to the loss of gas due to Hurricane Ivan. So what does this mean for us? Until the Gulf of Mexico is back up and running we will probably continue to see gas prices at 1.90 a gallon. MSNBC - Government agrees to lend oil from reserve

3 Comments:
At 5:32 PM, kim said…
The price of gas has been increasing every since 9-11.
At 2:47 PM, Jonathan Adams said…
Even though prices went up after 9/11 they did lower a little about a year ago. Since Ivan they prices have really shot up.
At 6:03 PM, tasha said…
Gotta' have it! I'm just thankful that it's not $5.00 per gallon as rumored during the Y2K frenzy.
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