Doom And Gloom Report for Aug 07, 2006

http://news.yahoo.com/s/nm/20060807/bs_nm/energy_bp_dc_5

Here at The Doom And Gloom Report we pride ourselves of leading rather than following "The Sky Is Falling" shoutcasts.

We have been saying for months the precarious perch oil and gas has been at and today was just announced that here in the US we have just lost 8% of our domestic oil production.....which equals about 1/2 of 1% of total world output. This may sound like a minor amount but with very tight supply any outage will be felt at the pumps.

We may have a rough idea in the comming days how long the Prudhoe Bay field in Alaska will be shut. The longer the shutdown the higher the price of oil and therefore gasoline will go. Additional new disruption will cause further dramatic increases.

Gasoline is almost $1 higher than this same time last year or over 30% increase.

How high will it go before you change your habits????

UPDATE!!

Aug 7th closing prices at 5pm
oil - $77.00 barrel
gas - $2.259 gal