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Hurricane season could drive up gas prices: CIBC
CTV.ca News Staff
An active Atlantic hurricane season could drive gasoline prices up to $1.30 a litre this summer, CIBC World Markets predicted Wednesday.
Chief economist and chief strategist Jeff Rubin says another severe hurricane season in the Gulf of Mexico is likely to severely encumber oil production and drive crude prices to record highs.
"Echoing 2005, stormy weather is likely to mean further pain for motorists at the gas pumps during the coming driving season," Rubin said Wednesday in a release.
"The resulting drag on disposable income is expected to contribute to slower performance from the economy in the second half of the year."
At today's prices, crude oil costs account for about 60 per cent of the retail price of a gallon of gasoline, up from just 47 per cent two years ago.
Rising crude oil prices that are expected to rise by 10 per cent through the fall, decreased production capacity and lower-than-average supplies are also expected to send gas prices soaring.
Rubin forecasted that an active Atlantic hurricane season could mean the loss of as much as 750,000 barrels per day of production.
The CIBC World Markets report, entitled Drilling in Troubled Waters, forecasts that U.S. production will see a drop from about the current level of 7.3 million barrels per day to about six million barrels a day by 2010.
Last year, hurricanes battered the Gulf Coast, crippling the region's offshore oil industry, leading to huge production setbacks for new U.S. oilfields and construction delays for newly planned projects.
They also shut down existing production and much of the industry's service infrastructure along the Gulf Coast.
While U.S. dependency on foreign oil is expected to grow, the report says that Canada is alone among its current suppliers as a country in a position to significantly ramp up oil exports to the U.S. marketplace, mainly because of Canadian oilsands production.
CIBC World Markets is the wholesale banking arm of Canadian Imperial Bank of Commerce.
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and a couple days ago, they were saying that the hurricane season should be a weak one this year...
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They don't know what the hurricane season is gonna be like. As much as it would suck I won't be surprised to see 1.30 a litre at the pumps this summer.
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It's not going to take a hurricane to drive the gas prices up, that's just an excuse to jack them up.
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nass,May 24 2006, 06:26 PM Wrote:It's not going to take a hurricane to drive the gas prices up, that's just an excuse to jack them up.
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its not because of the hurrincanes, the actual reason is when the moon is a certain distance away from the Earth the gravitation pull shifts the oil fields and therefore the oil rigs can't quite get as much oil out of the ground as before and in turn they jack up the prices.
Either that, or they just need enough money to burn in their furnaces during the winter to keep them warm enough.
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darkpuppet,May 24 2006, 10:18 PM Wrote:and a couple days ago, they were saying that the hurricane season should be a weak one this year...
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The tone of the report depends on whether or not the author is a speculator in the oil markets or not.
Really.
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so, should i invest in the oil companies now.
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FocusGuy7476,May 25 2006, 01:53 AM Wrote:so, should i invest in the oil companies now.
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too late I think
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Or just drive less and bike / walk / rollerblade more?
Do your proper maintenance and make sure you're in good shape and you'll burn a lot less gas. Tire pressure adjustments, change sparkplugs, oil changes as required, change your fuel filter regularly (as noted in the manual) and the air filter too... that'll make a significant difference in the amount of gas you use.
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I love how people think that an air filter change, or spark plugs, fuel line filter will actually pay for itself in gas mileage difference.
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01-yellow-ZX3,May 25 2006 Wrote:I love how people think that an air filter change, or spark plugs, fuel line filter will actually pay for itself in gas mileage difference.
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Just before i left for new brunsick, i did a filter cleaning/recharge and new plugs. My mileage went from 350km/tank to 650km/tank.
How do you explain that??? :P
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05-25-2006, 10:34 PM
(This post was last modified: 05-25-2006, 10:35 PM by NOS2Go4Me.)
01-yellow-ZX3,May 25 2006 Wrote:I love how people think that an air filter change, or spark plugs, fuel line filter will actually pay for itself in gas mileage difference.
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Proper care and preventative maintenance pays for itself, if not right down to the penny.
Can you refute what I've said?
I need an oil change and probably my plugs done, but I still managed 350Kms+ to 1/2 a tank last weekend going to Ottawa and then back again a few days later.
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Didn't we have the EXACT discusion last year?
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ANTHONYD,May 25 2006, 08:50 AM Wrote:Didn't we have the EXACT discusion last year?
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I think so. :rolleyes:
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and we'll have it every year.
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nass,May 25 2006, 10:31 AM Wrote:and we'll have it every year.
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And so on, and so forth, every year, or when the topic intails things like this
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Just remember you started this.
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05-26-2006, 05:19 AM
(This post was last modified: 05-26-2006, 05:25 AM by Frost__2001.)
nass,May 25 2006, 03:17 PM Wrote:Just remember you started this.
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True, but I was just pointing out this article, and possible perdiction towards this, really though anything over $1.259 a ltr is scary to me, more so on the current income I make.
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Frost__2001,May 25 2006, 02:19 PM Wrote:nass,May 25 2006, 03:17 PM Wrote:Just remember you started this.
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True, but I was just pointing out this article, and possible perdiction towards this, really though anything over $1.259 a ltr is scary to me, more so on the current income I make.
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Hell, $1.259 a litre is scary to any income level, it's just a matter of degree :P
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( /me remembers paying $1.339/L last summer... yeowtch)
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Oscar The Grouch,May 25 2006, 12:10 PM Wrote:01-yellow-ZX3,May 25 2006 Wrote:I love how people think that an air filter change, or spark plugs, fuel line filter will actually pay for itself in gas mileage difference.
[right][snapback]189369[/snapback][/right]
Just before i left for new brunsick, i did a filter cleaning/recharge and new plugs. My mileage went from 350km/tank to 650km/tank.
How do you explain that??? :P
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less lead in your shoe?
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