Nightly Business Report (PBS) - 2005-09-06
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Read a transcript preview of “Nightly Business Report (PBS) - 2005-09-06” from malgent, uploaded on 2026-01-07.
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Language: English (original, YouTube automatic captions)
[0:02] [music]
[0:08] Good evening everyone. Stocks on Wall
[0:09] Street rallied today as oil prices fell
[0:12] to pre- Katrina levels. The Dow search
[0:15] 141 points, its first triple-digit gain
[0:17] in almost two months. The Nasdaq gained
[0:19] 25 points. Stocks rose in reaction to a
[0:22] big drop in energy prices. October crude
[0:25] futures closed at $65.96,
[0:27] down $161. and wholesale gasoline was
[0:30] off 13 cents a gallon to $26. Scott
[0:34] Gerby reports.
[0:36] >> In terms of the nation's energy needs,
[0:38] the news from the Gulf today is somewhat
[0:40] better than expected. The Deep Water
[0:42] port for oil imports has been reopened
[0:44] and the Colonial Pipeline carrying
[0:46] refined products like gasoline to the
[0:48] East Coast is again running at full
[0:50] capacity. But there is significant
[0:52] damage to some offshore drilling rigs
[0:54] and 70% of them are still shut down. Six
[0:56] refineries are still shut. At least two
[0:59] are expected to be out of service for a
[1:01] long time. Energy traders in New York
[1:03] reacted to the news today with an
[1:05] acrosstheboard sell-off as the energy
[1:07] companies issued a steady stream of
[1:09] reports detailing their progress over
[1:11] the holiday weekend.
[1:13] >> Today, we're seeing a continue of of
[1:15] sort of uh the removal of panic from the
[1:18] market that the hurricane last week sort
[1:20] of brought into the market. So, we're
[1:22] seeing a moderation on gasoline prices
[1:25] uh since the highs of last week of
[1:27] around 50 cents and that's what we
[1:31] continue to see as some of the the
[1:33] pipelines come online and and more of
[1:34] the refineries come online.
[1:36] >> Still, the Energy Information
[1:38] Administration says gasoline