doesn't it seem weird that all this supposedly is going to happen to oil production, but the oil company stocks shot up today. Against the grain of the rest of the market?

Right now, Rita is headed for Port O'Connor, 100 miles south of the main refinery area and thankfully a relatively unpopulted area. If it were to turn north and head toward Galveston, the impact upon life, property, and infrastructure would be far greater.

the oil company stocks shot up today

We might have a situation where the oil companies make more money selling less gasoline, since the price goes up so much when there is a shortage. This is, of course, an extremely dangerous market situation as it is exactly what happened to the California electricity market a few years ago.

"doesn't it seem weird that all this supposedly is going to happen to oil production, but the oil company stocks shot up today."

No, it is not "wierd." (No, it is not a conspiracy.)

"Against the grain of the rest of the market?""

No, it is not "against the grain." Stock market prices are very much dependent upon an estimation of the future.

"We might have a situation where the oil companies make more money selling less gasoline, since the price goes up so much when there is a shortage."

This is called supply and demand. A fellow named Adam Smith wrote about this phenomenon many years ago.

The damage to oil industy due to katrina was never documented. I saw pictures taken from a helicopter of a off shore rig. I never saw an interview of one oil worker or oil company rep detail anything. Is this damage just a scam???? A scam to get $5 a gallon?

I guess you all missed it, DIEBOLD dropped 15.5%! I guess some people in the know are screwed if they stick with them!
Unloading stock, for what reason? Maybe because they were caught with their hand in the cookie jar and the investors know the gig is up!!

Bagley, Tex is a long time critic/winger on this site. Funny, you can suppose that he has been "turned" or you can concluded that he still has his reason and you don't.

There are other possibilities -- maybe Tex is a reasonable person and not so dogmatic as you.

Fight the bag, Bagley.

Commenting until the electricity goes out,
dorita

If it weren't for oil, the SP500 would be having a nasty year. But, that's why you own an index, right? For diversification...

dorita - our thoughts are with you.... keep on commentin', darlin'.

CA Pol Junkie, you are sort of right,the closest refinery is in Freeport, about 60 miles from Port O. BUT thre is a Nuclear Power Plant about 30 miles away !! It's built to withstand a Cat 5 storm....but clearly the transmission lines to Houston and other Gulf cities are fair game in 150 mph winds.