Crude-oil prices rose Wednesday as traders braced for the possibility that Hurricane Rita could smash into key oil facilities in Texas.
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Workers fled oil rigs in the Gulf of Mexico less than a month after Hurricane Katrina tore through the same region. Rita strengthened into a Category 5 hurricane late Wednesday with sustained winds of 165 mph, the
National Hurricane Center said, and is likely to hit Texas, the heart of U.S. oil production.
“Prices are going to be driven directly by the projected path of the storm,” said John Kilduff, analyst at Fimat USA.
I talked to my mom last night, she lives in San Antonio, TX. She said gas is nowhere to be found down there, and it skyrocketed to between 4.50-5.00 a gallon. Everyone went crazy and filled up their tanks, bought bread and water. None of it can be found anywhere. They are fucked down there though if they ever get hit. Theres no drainage on the roads. It rains for 10 minutes and they are flooding and shutting down highways.