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Sunday, September 10, 2006
Gulf Oil
One update on Greyhair's recent post on the new oil in the Gulf of Mexico. Not only are the oil rigs in the paths of hurricanes but also earthquakes, like the one today.
By the way, in light of BP's shutting down the pipeline in Alaska, shouldn't oil prices be rising instead of dropping?
By the way, in light of BP's shutting down the pipeline in Alaska, shouldn't oil prices be rising instead of dropping?
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BP's original estimates of the time to reopen the pipeline were pessimistic. In fact, portions are already reopen.
The huge portion of the cost of oil right now is the risk premium, which is highly volatile. As an intangible, it's likely to fluctuate wildly as world events unfold. That, plus the summer "driving season" ending, have put downward pressure on oil prices .... like every year. What's interesting to watch is that the new "low" is much higher than the old "low" ... a pattern repeating each year. Soon you'll be hearing the annual screams from the northeast about the cost of heating oil.