My native state of North Carolina (along with a few others in the Southeast) continues to suffer from gasoline shortages, especially in the Charlotte area and further West. It looks like shortages will last at least another week before refineries have recovered enough to remedy the situation. Some schools are even closing due to lack of fuel — a serious reminder that oil supply stagnation in the years ahead is a reality we don’t want to hit without employing strong efficiency and substitution through renewables initiatives ahead of time.
The weekly EIA natural gas report showed slower than usual inventory growth due to Hurricane Ike. Storage is now close to the five-year average, a slightly bullish fact considering consumption is higher than it has been the last few years. Gulf natural gas production remains lower than half its normal rate as production rigs take time to recover. After one more below average build next week, storage should begin average builds again unless the winter arrives early, generating abnormally high demand.
For a stronger economy, its time to usher in climate-friendly solutions to our current oil dependence!
Tags: gasoline shortages, Hurricane Ike, Natural Gas, prices