More gas gouging coming?

Perhaps I’m channeling Hugh Mackenzie here, but I sense this means another opportunity for Big Oil to gouge consumers at the pump, yet again. Ironically, gas gouging has done more to increase gas prices than any plan by the Greens.

While some people have defended the practice on environmental grounds, I’d much rather have government capturing those revenues, not Exxon, so that we could put them to work fighting (not funding) the problem.

Oil markets eye cyclone approaching Iran

… Oil markets were little changed Wednesday but prices appeared positioned for an increase as traders traced the path of the strongest storm to hit the Arabian Peninsula in 60 years.While the storm appeared headed for Iran, a major oil producer, and the oil-rich Persian Gulf, expectations that the latest snapshot of U.S. stocks will reveal further inventory increases of gas and oil kept a low ceiling on markets.

“Uncertainty about the cyclone in the Middle East is holding the crude oil futures market steady, with prices fluctuating a little as traders watch storm developments,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

“The latest on the storm indicates it will hit land in southeastern Iran — which could possibly disrupt shipping through the Arabian Gulf, and that’s caused some concern in the trading community,” he said.

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