Oil prices moved above US$ 66 a barrel on fresh market concerns that US refineries will not be able to match demand in the wake of two devastating hurricanes. In early trade, New York's main contract, light sweet crude for delivery in November was at US$65.95 a barrel, after it closed at US$65.82 in the United States.
The President is willing to tap the Strategic Petroleum Reserve if needed as refineries struggled back to full capacity, post Rita. But the is not with crude oil supplies, but with refining capacity, as crude production in the Gulf of Mexico remains completely shut down. Over 75% of Gulf production of natural gas is off line.
First Katrina and the Rita- the refineries will need time to recover.
27-Sep-05 
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