Refineries in Pennsylvania Flooded Sweet Crude Prices will Hit $75.00
By: Lance Winslow
Blame it on the weather! The oil prices are just about back up at their all time high again after participating in the stock market rally. Oil Prices are now just shy of their all-time high and this time it was no Hurricane, but rather a pretty wicked mixture of three storms.
Two very precipitous storms three days back to back each and another filling up the middle as airflows moved remnants of Tropical Storm Alberto right straight up the Eastern United States into Upstate NY.
What may not have been a Hurricane does not matter because the refineries in Pennsylvania received some flooding and that means production issues and higher prices. Commodity Traders on this news moved sweet crude prices upwards to almost record highs. And just think we have not even had our first real Hurricane yet.
But that is not all we must worry about as Iran threatens to use Oil as a weapon to hurt the United States economy and Israel and Syria go at it escalating the conflict in the Gaza. Syria pledges to help the Palestinians, but also has a Machiavellian war pact with Iran. If either of them gets into a war, then expect the other to assist? Or so they say?
Never the less either way one has to wonder if the Iranian political issues will spike oil further as they run past their deadlines set for negotiation. On July 5 the US and her allies need word from Iran and the UN is not giving them past August to answer to the nuclear weapons and uranium enrichment. Consider all this at the pump in 2006.
Lance Winslow