AP
Gustav loses stranglehold on energy prices
Monday September 1, 10:05 pm ET
By John Porretto, AP Business Writer 
A weaker than expected Gustav loses its grip on energy prices; crude resumes its fall

HOUSTON (AP) — Hurricane Gustav’s punch appeared to fall softly Monday on the vast energy complex along the U.S. Gulf Coast, alleviating fears of a fuel shortage and potentially delivering a break to businesses and consumers.
 
As winds passed over land and winds began to subside, oil market traders began to focus not on storm damage, but on their growing anxiety over the state of the global economy.

Even with 110 mph winds raking refineries that line the coast and rushed over the deep-water rigs off the shores of Texas and Louisiana, the price for a barrel of oil plummeted by more than $4 a barrel to just above $111 because Gustav was weaker than expected.

The average price for a gallon of gasoline slipped less than a cent overnight after beginning to rise for the first time in more than a month on the storm’s approach, according to the auto club AAA, the Oil Price Information Service and Wright Express.
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Hopefully we get more than a half a cent drop from this new low in oil. I apologize that oil has dominated my posts but it is the main contributing factor to a lot of our increase costs. I promise to put time aside to come out with more interesting stuff. In the meantime what for gas to drop a little more, then go fill up your tank. I am the oil guys are working on their next excuse to jack the price up again.