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From July to November is that time of the year when the heat of summer transitions into the cold of winter. It is doubtful that anyone in our industry recognized how cold the winter of 2008 would become. As the summer heat peaked in July, we were delirious with the unexpected record oil prices of $140 per barrel and record profits that went along with them. In August and September, we winced as four major hurricanes entered the Gulf of Mexico, with the last one, Ike, causing extensive damage across the shelf. By October, we watched in dismay as the record prices of summer tumbled at ever-increasing velocity to $55 by the beginning of November. On Nov. 4, the United States elected its 44th president, a man who holds much promise but who supports an energy policy that may impede our industry.
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