TELECOM Digest OnLine - Sorted: TELECOM Re: Web Site Error Rocks Global Oil Markets

TELECOM Re: Web Site Error Rocks Global Oil Markets

John Mayson (john@mayson.us)
Fri, 1 Jun 2007 09:51:49 -0500

On Thu, 31 May 2007, Reuters News Wire wrote:

> World oil prices jumped briefly on Wednesday after a television station
> in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an
> erroneous story about a refinery fire on its Web site.

Someone explain something to me.

Why would the price of a raw material go up due to a refinery fire?
It'd be like the price of wheat rising on news of a fire at a Wonder
Bread factory. I could see the price of gasoline rising, but not oil.

John Mayson <john@mayson.us>
Austin, Texas, USA

[TELECOM Digest Editor's Note: Not really, since there is a more than
ample supply of wheat with which to make more bread, but oil is a
somewhat more limited substance. And, refineries do more with crude
oil than simply make gasoline. How about all sorts of 'petroleum-based'
by-products? PAT]

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