Peak Oil Review – September 22

1. Oil and the financial crisis

2. Gasoline shortages

3. War in Nigeria

4. Briefs

1. Oil and the financial crisis

Two hurricanes, one financial and one meteorological, took control of the oil markets last week. The week started quietly with oil prices, which had been coming down steadily for two months, falling below $99 a barrel on the news that Hurricane Ike inflicted what was at first thought to be minimal damage on oil installations along the Texas coast. […]

2. Gasoline shortages

Despite the limited damage Hurricane Ike did to oil facilities along the Gulf Coast, the storm left nearly 100 percent of gulf oil production shut-in and 20 percent of refining capacity closed due to a combination of insufficient electricity, evacuated personnel and limited feedstock. Coming in the wake of Hurricane Gustav 10 days earlier, which also shutdown Gulf crude production and a numerous of refineries, US production of refined petroleum products took a significant hit that is not over yet. […]

3. War in Nigeria

On September 14th, the major militant group in the Niger Delta (the MEND) declared an