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Monday, August 29, 2005

Crude

While New Orleans braces for a disaster, predicted to be comparable to the Asian tsunami, a large percentage of MSM has started reporting on the approaching hurricane's effect on the price of oil...
Crude oil futures briefly surged past $70 a barrel for the first time Monday as Hurricane Katrina barreled toward the heart of U.S. oil and refinery operations in the Gulf of Mexico, shutting down an estimated 1 million barrels of refining capacity. The Category 4 storm advanced on an area crucial to the U.S. energy infrastructure offshore oil and gas production, import terminals, pipeline networks and numerous refining operations in the southern states of Louisiana and Mississippi. "This is the big one," said Peter Beutel, an oil analyst with Cameron Hanover. "This is unmitigated, bad news for consumers." Light, sweet crude for October delivery on the New York Mercantile Exchange jumped as much as $4.67 a barrel in Singapore to hit a high of $70.80 a barrel before slipping to $68.95 by midday in Europe.
With a natural disaster that could leave 1 million homeless... How can the MSM highlight such petty concerns? Is this a true reflection of what the public craves? As a nation, have we really become that callus?

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