Monday, July 21, 2008

Dolly to Deliver Hurricane Hell?

Tropical storm Dolly, which is now strengthening in the Gulf of Mexico, is now all but certain to deliver a wallop to oil production facilities. This is one of the reasons why the price of oil has risen today. Note the price spike in oil in the past hour on the above chart. The price spike on the charts is largely due to the rapid strengthening of Dolly, adding to the disappointment of no agreement over the weekend between Eurozone negotiators and Iranian leadership. The chart at right shows Dolly's eye path and potential strength when it makes landfall over the next few days. This was bound to happen eventually! Click on the hurricane eye path image to go to the Accuweather web page for the lastest information on Dolly.