Here are
the the latest Shut-in graph and
natural natural gas price graph. The Shut-in data represents the progress that is being made in the Gulf of Mexico on repair of rigs and platforms that produce oil and gas for midwest refineries and gas companies. Shut-in means non-producing. Down or 0 on the graph is good and means that production has returned to pre-Katrina levels. Little progress is being made on the oil production but some is being made with the natural gas production.
Click image to enlarge.
With retail sales down 2.1% in August (up 1% if autos are excluded) a recession in the midwest and indeed the whole U.S. becomes a real possibility. Consumer spending represents 2/3 of GDP and with people spending more to heat their homes and spending less in stores, recession talk is not unwarrented.
A recent up-tick in the natural gas market after a slight down-trend seems to belie the progress made in the gas shut-in numbers.
Gas in Illinois is already 41% higher in cost than last September and warnings of 71% increase this year over last are being made by the Federal Government. (Repost from SoapBlox/Chicago)