September 13th, 2008 @ MReed // No Comments
Even though diesel fuel prices are down, don’t look for them to necessarily stay that way. Oil is going up, again, because Hurricane Ike is moving toward the Gulf of Mexico.
With Ike’s projected path taking it right through most of the refineries and the offshore drilling rigs, the price of oil will likely continue to climb over the next week.
Once the damage to the oil production has been assessed, it will be easier to determine what the prices of oil and diesel fuel might do over a longer period of time. In the meantime, don’t be surprised to see diesel edging higher as well as oil in the coming days.
Hurricane Ike is leaving the speculators plenty of room for blame on rising oil prices. At the moment, there is little that can be done except to watch and wait.
