The markets had an interesting reaction to Katrina today. As expected, the price immediately climbed to $70, but backed off when it appeared Katrina was not going to be as catastrophic as originally anticipated. It appears the market is playing a wait and see game. As the damages are assesed the market will react accordingly. The mention of releasing some of the oil reserve by President Bush did have the necessary chilling effect on the market, so this could weigh in on the price throughout the week as well.
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I am currently running a series on "Peak Oil" which I believe to be an "urban myth". Love your site and have bookmarked it, and will blogroll it to mine.
Posted by: The Nattering Naybob Chronicles | September 07, 2005 at 08:53 AM