321energy :: Oil Crunch:: David Chapman of Union Securities Ltd.

321energy :: Oil Crunch:: David Chapman of Union Securities Ltd.: "The knocking out of roughly 25% of the US’s oil and gas and refinery production for what could be an indeterminate period is fuelling the spectre of fuel shortages in coming months. Once again this is an area where the damage to the oil and gas rigs in the Gulf and the refineries along the coast has been underestimated. Consumers are seeing higher prices at the gas pumps and they are threatened with sharply higher heating costs this winter that can only bite into consumer spending. Higher gas and heating prices are like an additional tax on the economy."