Why is it so ?
that a hurricane threatens US refining capacity (potentially limiting the ability to ACCEPT crude), and crude prices )including for the rest of the world) RISE ?
Market forces my arse.
Wells producing, a potential reduction in the ability to absorb those tankers en route, and the prices still go up.
And prices in Oz are predicted to suffer a 5c/l (4%) temporary price rise.
Sometime I believe that "the colonies" are being used to prevent/absorb price rises in the U.S., while still maintaining profitability.
Case In Point.
a few years ago, Oz dollar was 45c US. Oil was $37 US/bbl.
Peter Costello was on National T.V. pointing out that either $1 per bbl, or 1c/US dollar drop in outr currency was 1c/l at the bowser.
$1.00(Oz)+$0.33($/bbl)-$0.22(exchange rate) = $1.25(Oz). 12.5% goes back to Exxon Mobil, Texaco, BP and Shell.
Problem was that when it was $55US per Barrel, we were still paying $1.10(Oz)/l