Crude oil fell below $106 a barrelCrude Oil back to $120.00 by end of week is my prediction.
With the amount of damage done to oil rigs in the Gulf of Mexico
no way they can all be back in operation by end of this Year.
We will see line up at the pumps next week with all them refineries shut down.
Louisiana refineries shut by Hurricane Gustav may take about 10 days to resume operations because of a lack of power, according to companies that include Marathon Oil Corp., Valero Energy Corp. and Exxon Mobil Corp.
Exxon Mobil shut Baton Rouge, its second-largest U.S. refinery, after Gustav's winds cut power to the Louisiana-based plant, according to an advisory on the company's Web site.
ConocoPhillips, the second-largest U.S. refiner, said its 247,000-barrel-a-day Alliance refinery in southern Louisiana sustained ``minor damage'' and a complete assessment of the refinery would be made later today, spokesman Bill Tanner said by telephone
Workers from more than 70 per cent of the platforms and rigs in the gulf were evacuated as Gustav approached, the US Minerals Management Service reported. About 1.3 million barrels a day of oil and 200 million cubic metres of gas was shut off - all of the area's offshore oil output and 95 per cent of gas production.
Twelve of the region's 33 refineries closed and a further 10 reduced their operations, said Kevin Kolevar, assistant secretary for electricity delivery and energy reliability at the US Department of Energy. Three crude oil pipelines were also shut.
About 85 percent of service stations in South Louisiana have no gasoline left in their underground tanks, and drivers in the state could see shortages if the administration does not release the supplies, Jindal said.
HOUSTON (Reuters) - Louisiana Gov. Bobby Jindal on Monday called on the federal government to release emergency crude oil supplies to counteract fuel shortages due to Hurricane Gustav.