Tropical fears spike oil, but why?

It’s hard to ignore the daily moves in oil prices.  The latest spike northward today can be blamed on the weatherman, at least that’s what we’re told.  You see, Dolly, the tropical system of the moment,  is crossing the southern Gulf.  In case you’ve missed it over the past few years, every tropcial storm or hurricane that moves over the Gulf of Mexico poses a perceived threat to oil rigs.  Never mind that the majority of such storms do not end up causing any offshore damage.  The fear of risk, no matter how small, is what drives things these days, and weather forecasts play a role.

Posted by Jim Duncan


2 Responses to Tropical fears spike oil, but why?

  1. bobby_r says:

    There may be a pretty good bet for rain tonight , however, it’s still the same old thing in northern Hanover County…a pretty good bet that there will little to no rain again. It seems that most storms this summer have developed east of Ashland and south of Ashland. I notice that RIC has received almost 1 inch of rain today. My rain gauge as of 9:45 PM is still empty. When looking at the latest line of storms on radar to the west there is a dry area of little to no rain that will likely pass through northern Hanover, while the rain line will travel to the north of northern Hanover and it appears the heavy rain will pass through central and eastern Hanover and points to the north and south of that point. Those of us in this area of Hanover can only pray for some rain. Like Jim has said before just because RIC has had their share of rain, RIC does not really give a true picture what’s been going on for the overall Richmond region or at least 45 miles to the N.W. of RIC. It’s been extremely dry in this neck of the woods.

  2. Aaron says:

    It’s unlikely that it would cause damage, but the market is just looking for reasons to worry at this point!

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