Dennis the Menace

Written By Luke Burgess

Posted July 8, 2005

Category 4 Hurricane Dennis, blasting 150 mph winds, is heading for the US.

Yesterday Dennis killed five people, collapsed a bridge and blocked roads with downed power lines and trees in Haiti and Jamaica.

Thousands of residents and tourists fled the Florida Keys, fearing that Dennis would brush the island chain or hit it on its way to the Gulf of Mexico.

The U.S. National Hurricane Center said that the eye was taking aim at central Cuba this morning.

A meteorologist with The Associated Press reported by telephone, "It’s right off the coast, they’ll be getting hurricane-force winds before long if they haven’t already."

And wouldn’t you know it. Oil’s up.

Oil futures prices bounced higher today as traders possible supply disruptions.

The price was up over $61.50 by noon.

Traders fear a repeat of last year’s Hurricane Ivan, which damaged oil platforms and resulted in months of lost production in the region.

As it is with everything else, we’ll have to wait and be patient to see what happens.

Wherever Oil Goes, Gas Will Follow
The statewide average price for a gallon of regular grade gasoline has climbed $2.50, up 7.5 cents from two weeks ago.

According to the AAA the highest average price found is $2.572, being paid by motorists in San Francisco.

August gasoline futures touched a new record high today at $1.86.

The pinch is being felt around the world. Especially in Indonesia.

Indonesians were waiting in line for hours at gas stations across the country as fuel shortages began to bite.

Susilo Bambang Yudhoyono, President and Head of State of Indonesia told his countrymen not to panic in the face of what he called an "energy crisis."

In some places in Indonesian premium gasoline had spiked by an incredible 500 percent.

I’m glad that I don’t live there.

-Luke Burgess

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