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Oil price surges after Midwest pipeline shuts down

Associated Press -- Oil prices surged Friday after a pipeline that delivered oil to Midwest refineries was shut down, raising questions about how long the supply may be disrupted.

Benchmark oil for October delivery rose $1.89 to $76.14 a barrel in morning trading on the New York Mercantile Exchange.

Enbridge Energy Partners LP closed the pipeline Thursday afternoon after it began leaking in suburban Chicago. The leak has stopped and repairs started but there it is not clear when the line will reopen.

The pipe carried about 670,000 barrels per day from Superior, Wis., to Griffith, Ind.

Although oil and gasoline inventories are plentiful, traders are concerned that Midwest supplies could tighten if the pipeline stays closed for some time, analysts said. In turn, that could send retail gasoline price

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Submitted Sep 10, 2010 By: suportoffroad30

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MidNJ Champion Author New Jersey Posts:4,628 Points:739,595 Joined:Sep 2009	Message Posted: Sep 10, 2010 8:33:05 PM Ignore MidNJ Report Abuse We have a large surplus of oil and a temporary shutdown of a pipeline causes a jump in crude prices, give me a break!
alterman156 Champion Author New York Posts:5,085 Points:1,090,850 Joined:Dec 2008	Message Posted: Sep 10, 2010 5:58:22 PM Ignore alterman156 Report Abuse Next week oil could drop $2 per barrel all of a sudden.
DerHahn Champion Author Illinois Posts:11,147 Points:1,654,015 Joined:May 2004	Message Posted: Sep 10, 2010 4:53:20 PM Ignore DerHahn Report Abuse greedy speculators will use anything they possibly can to raise prices.
remay Champion Author Houston Posts:4,701 Points:1,655,795 Joined:May 2006	Message Posted: Sep 10, 2010 3:22:11 PM Ignore remay Report Abuse I think it took milliseconds for some stations around here to raise their pump price..
Night Owl Champion Author Toronto Posts:5,265 Points:1,333,725 Joined:Jul 2004	Message Posted: Sep 10, 2010 2:08:13 PM Ignore Night Owl Report Abuse Greedy oil speculators.
OHMS Champion Author Orange County Posts:10,797 Points:1,250,520 Joined:May 2005	Message Posted: Sep 10, 2010 1:47:37 PM Ignore OHMS Report Abuse they flipped a coin; they won; we lost.Oil prices going back up after too few days down.
Jeff4U Champion Author Atlanta Posts:5,963 Points:1,385,630 Joined:Nov 2004	Message Posted: Sep 10, 2010 1:30:39 PM Ignore Jeff4U Report Abuse Currently: Price/barrel: $76.43 (+2.18) Bad Timing: These things happen at the END of the week, which will likely affect our gas prices on the weekend as the Market sleeps till Monday.
Dr Gas Champion Author Twin Cities Posts:2,411 Points:300,760 Joined:May 2004	Message Posted: Sep 10, 2010 1:22:35 PM Ignore Dr Gas Report Abuse A $1.89 increase IS NOT A SURGE!!!!!!!! Can we get this right!
Road-Runner Champion Author Denver Posts:6,045 Points:1,701,720 Joined:May 2004	Message Posted: Sep 10, 2010 1:21:17 PM Ignore Road-Runner Report Abuse Oh boy! Any old excuse to raise prices.
HelenKeller Sophomore Author Louisville Posts:133 Points:16,245 Joined:Apr 2008	Message Posted: Sep 10, 2010 11:07:01 AM Ignore HelenKeller Report Abuse I doubt the locals or the EPA would consider 50 gallons per minute a small leak.
kag2010 Champion Author Winnipeg Posts:2,894 Points:561,410 Joined:Apr 2010	Message Posted: Sep 10, 2010 10:41:16 AM Ignore kag2010 Report Abuse why for a small leak.!!!!!!!!!!
epf Champion Author Grand Rapids Posts:3,948 Points:1,426,280 Joined:May 2004	Message Posted: Sep 10, 2010 10:24:54 AM Ignore epf Report Abuse Just a small leak too.