posted on Feb, 23 2004 @ 02:49 PM
The price of crude oil has risen almost $2 a barrel since February 10, and is not expected to fall any time soon. Refinery shutdowns have added to
"World oil prices rose on Monday as an outage at a large U.S. refinery added to the jitters over potential gasoline shortages that have kept fund
money pouring into the energy markets.
"gasoline inventories fell 700,000 barrels in January, when typically they increase by about 12 million barrels "
A week after OPEC announced a cut in oil production this April, two oil refineries in the United States have shutdown. Shell has stopped production at
their Deer Park facility near Houston, TX due to technical problems. This is the 6th largest refinery in the United States and can handle 340,000
barrels per day (bpd). Another refinery owned by Marathon, which produces 76,000 bpd, was shut down Monday. This comes after two shipping accidents in
the Misissippi have delayed oil shipments to some refineries in Lousiana. Analyst are saying that $3 a gallon gasoline is possible this year if the
trend of factory accidents, following this cold season continues. Sean Comey, spokesman for the AAA said, "We are just one refinery accident or one
pipeline disruption away from gasoline prices skyrocketing even more." Some parts of California are already experiencing prices over $2 a gallon.
[Edited on 23-2-2004 by Zion Mainframe]