Categorized | Calamity, Environment

Oil Market Gustav

The fact that Gustav is going to have an impact on the Oil market and Gas prices in US is a given. What we can debate on however is, how much will be the impact.

Available news reports show that oil prices fluctuated sharply when it became known on Thursday that Hurricane Gustav has spun toward the Gulf of Mexico and was gaining strength with every passing hour.

Traders were quick to fear disruption in supplies and others betting that the government would tap the Strategic Petroleum Reserve if needed.

Anyway you look at it, consumers will most definitely see a hike in gas prices for Labor Day weekend.

Gustav, when approaching Jamaica had winds with near 70 mph, but now it has entered the Gulf as a dangerous Category 3 storm.

There is also prediction that it might jump to a higher category by the time it makes landfall.

Good luck and godspeed to the folks trying to get out of that area.

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