Update 1: Oil Prices Jump As Hurricane Rita Nears

[Lone_Star_Dem]

09.21.2005, 12:17 PM (Forbes - AP)

Crude-oil prices rose more than $1 a barrel Wednesday as traders braced for the possibility that Hurricane Rita could smash into key oil facilities in Texas.

Workers fled oil rigs in the Gulf of Mexico less than a month after Hurricane Katrina tore through the same region, as Rita strengthened into a Category 4 hurricane Wednesday.

"Prices are going to be driven directly by the projected path of the storm," said John Kilduff, analyst at Fimat USA. The National Hurricane Center said Rita could reach Category 5 status, and is likely to hit Texas, the heart of U.S. oil production.

Light, sweet crude for November delivery rose $1.30 to $67.50 a barrel in midday trading on the New York Mercantile Exchange.

http://www.forbes.com/business/feeds/ap/2005/09/21/ap2236743.html

Where I live near Austin there were already lines at the pumps today as people are trying to beat the increased prices.

[tainowarrior]

1. i'd better pump my gas today...

It's at $2.86 at some gas stations around here.

[Gunit_Sangh]

2. I'm a visionary

I filled up yesterday :o)

[FlaGranny]

3. This morning I was looking at

Google Earth, and at the area Rita is projected to hit, there sure are a lot of refineries and shipping facilities. Lets hope this storm goes a little further south, where there are no big cities or oil refineries, although I hate to wish that storm on anyone.