Maybe it’s in the media’s best interest to scare us into watching/listening/reading them more. But how long before we stop listening to their erroneous doom and gloom?
The price of oil fell this afternoon as Hurricane Gustav swept quickly through the Gulf of Mexico’s offshore oil platforms without developing into a Hurricane Katrina-sized Category 5 storm.
Crude prices jumped sharply in early trading as the storm headed into the areas where most of the Gulf’s platforms are based.
But as time went on and there were no reports of major damage, markets became less jittery and the price of Brent and New York crude fell back again.
So, I guess the big jump in gasoline prices we were supposed to see may not be as dramatic as the Gustav coverage after all.
Good to see nothing bad happened on this front.