OK OK! I'm going this morning to fill up the tank. Y'all have scared me into it.
LONDON (Reuters) - Oil raced above $68 a barrel on Thursday as Hurricane Rita bore down on Gulf of Mexico and threatened to batter oil and gas infrastructure that is struggling to recover from Katrina.
So far, six refineries in Texas have been shut down as a precaution as Rita, now a maximum Category 5 storm, aimed her 175 mph (280 kph) winds on Texas, home to a quarter of U.S. refining capacity. She is expected to hit land by early Saturday.
U.S. light crude was up $1.30 at $68.10 a barrel at 1150 GMT, just below Wednesday's three-week high of $68.27.
London Brent crude was up 98 cents at $65.71.
"There is an awful lot of potential for damage," said Mark Keenan of London-based fund MPC.
Analysts predicted the biggest impact would be on products, as lost refining capacity aggravates a shortage of refined fuels, while overall crude stocks are comfortable.
"Certainly for product prices, the only way is up," Keenan said.
Analysts warned any damage to natural gas facilities could also have a very bullish impact because lost supplies would be far more difficult to replace than lost crude.
"The physical implications are potentially quite significant, particularly for heating oil, heading into winter in the United States, and natural gas," said Matthew Schwab, managing director of AIG Financial Products Corp.
But for now, gasoline futures were showing the sharpest gains among refined products.
Gasoline futures rose 10.68 cents to $2.1599 a gallon. Heating oil was up 4.88 cents to $2.0875.
I thought I could ride this out with the half-tank I have, but the doom and gloom people are gettting to me.
How in the hell am I going to heat this house this winter?