Remember when gasoline was below $4.00 a gallon?

[FrodosPet]

Between Issac and the Venezuelan refinery fire, we probably won't see that again for awhile.

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Gas Inches Up, Oil Down; Oil Production and Refinery Shutdowns in the Gulf

http://abcnews.go.com/blogs/business/2012/08/gas-inches-up-oil-down-oil-production-and-refinery-shutdowns-in-the-gulf/

Seventy eight percent of the oil production in the Gulf of Mexico has been halted in preparation for Tropical Storm Isaac. The Bureau of Safety and Environmental Enforcement reports that about 1 million barrels per day of oil production has been stopped as 346 offshore oil and gas production platforms have been evacuated. That’s 17 percent of daily U.S. oil production and 6 percent of consumption.

Also according to the Department of Energy, six refineries in the path of the storm reported that they are shut down or were in the process of shutting down. The shutdowns so far represent 1,316,500 barrels a day worth of petroleum production — this accounts for about 8 percent of total U.S. refinery capacity (as in how much gas and diesel refineries can produce).

~ snip ~

------------------------------------

Venezuela Fights Fire At Largest Refinery; Death Toll Rises

http://www.bloomberg.com/news/2012-08-27/venezuela-battles-flames-at-largest-refinery-after-deadly-blast.html

Venezuelan firefighters are battling flames for a third day at two storage tanks at the country’s largest refinery after an Aug. 25 gas explosion killed at least 48 people and injured dozens, shutting down the Amuay plant.

~ snip ~

Stella Lugo, governor of Falcon state in western Venezuela, described the early-morning blast as similar to an earthquake and said more than 200 homes near the refinery were damaged. Paraguana, which also includes the Cardon and Bajo Grande plants, is the world’s second-biggest refinery complex.

Petroleos de Venezuela SA, as the state-owned oil producer is known, is the sole owner and operator of the refinery. The blast is among the world’s deadliest at an oil refinery. Fifteen workers were killed at BP Plc (BP/)’s Texas City refinery in 2005, while more than 50 people died in a fire at Hindustan Petroleum Corp.’s refinery in Visakhapatnam, India, in 1997.

~ snip ~

[Drunken Irishman]

1. Yeah...it's below 4.00 right now where I live.

[FrodosPet]

3. I doubt it will stay here

I might be wrong, but I suspect the combination of the Gulf oil shutdown and the fact that TPTB are willing to wreck the economy to get Rmoney elected will be pushing it past $4.00 before the end of the week.

[WorseBeforeBetter]

2. I paid $3.67/gal for regular unleaded today.

So, yeah, I remember.

[aint_no_life_nowhere]

4. $4.63 in California where I live.

Looking like $5.00 a gallon is just around the corner. Luckily I don't drive a thirsty type of car.

[Downwinder]

5. If the Republicans are going to take us back to the 50s

that means $0.199 per gallon.

[onehandle]

6. $1.46 when President Clinton left office. nt

[Art_from_Ark]

7. Gas prices have been rising here in Japan

There has been the equivalent rise of 72 cents/gallon just in the past two weeks, bringing regular gasoline up to the equivalent of $7.00 per gallon.

[Dannyteague]

8. It may be six bucks a gallon by electionj day.

The oil elites want to defeat Obama that badly.