The Oil Drum

37 comments on Oil at $70, NG close to $12 on NYMEX in Sunday pre-market

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louGrinzo on August 28, 2005 - 4:45pm

Chaos. Trying to predict anything more specific than that for Monday would be throwing a dart with your eyes closed.

Frankly, I don't much care. The markets will go nuts for a few days, wild swings, predictions all over the map from experts who don't really know what they're talking about--and then they'll sort themselves out. My concern is for the people in NO and the general area; their situation won't become orderly and comfortable again nearly as soon as will that of the energy markets. If we see the kind of storm surge that various weather experts are predicting (15 to 25 feet are the numbers I've heard), and that hits NO, it will be a very, very bad scene.

As of right now, all of us, including me (born and raised in the NE US, with the NY accent to prove it) should declare ourselves Louisianans and pledge to give to the Red Cross or similar relief organization until it hurts.

It's time for The Oil Drum to make the transition from being a bunch of people with similar interests to being a community.

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Prof. Goose on August 28, 2005 - 4:51pm

that's well said, Lou. I just had the markets on my mind with the bloomberg post, so I hope you didn't think me too insensitive...

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Prof. Goose on August 28, 2005 - 4:53pm

and also, if any of you have any ideas about the community building aspect of this, please don't hesitate to suggest them. We'll probably have an open thread tomorrow...there's going to be a lot of people that are going to need our help.

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Glenn on August 28, 2005 - 5:05pm

I posted comments in the last thread about this (http://www.theoildrum.com/story/2005/8/28/142740/197#1), but really reducing demand in a very real way domestically is the only quick way to reduce price.

Governmental, community and business leaders should all take steps to reduce consumption as deeply as is possible without disrupting critical economic activities. Together we can beat back the impact of high prices with the one weapon we have - reducing waste and unnecessary consumption.

Even opening the SPR will take months to impact the supply problems.

Lou, PG, and all Oil Drummers (or dare I say, Citizens for Sustainable Living?), this is our chance to have an impact. Contact your local officials and ask them to find ways to conserve fuel. Contact your federal officials (www.senate.gov, www.house.gov) and send them something like this:

"With Katrina threatening to cut oil and gas supplies significantly (10-20%) for months if it causes severe damage, I urge you to push for all reasonable ways to reduce consumption of gasoline instead of opening the SPR. Decreasing demand voluntarily is the quickest way to keep prices stable in the short term. For more information, see www.theoildrum.com"