More credit related cut-backs

Tight Credit Threatens Pipeline Expansion - WSJ.com: "In October, Enterprise Products Partners LP cited high capital costs in withdrawing from a project to build a 673-mile-long pipeline from Colorado to North Dakota. El Paso recently said it was cutting its 2008 capital budget to $3.5 billion from $3.8 billion and would spend just $3 billion on projects in 2009.

The retrenchment also spells trouble for pipeline companies' growth, which depend on new projects. Analysts expect many of the smaller pipeline companies to become takeover targets next year. 'It truly is survival of the fittest,' said Dan Rogers, an energy attorney at King & Spalding in Houston.

Some larger pipeline companies with less debt have been able to raise money in recent weeks, but at sharply higher costs than a few months ago. El Paso this month raised $500 million in 5-year notes paying 12%, interest after paying just 7.25% in May for $600 million in 10-year notes.

Dallas-based Energy Transfer Partners LP said last week it had raised $600 million through the sale of 11-year notes paying 9.7% interest. In March, it sold 10-year notes for 6.7%."

Need I say more?

What now interests me is a better picture of demand. I firmly believe that Obama's focus on infrastructure building will keep/grow pressures of fuel stocks. The problem is that is diesel and gasoline may still be an issue.

Not enough time/data yet