Saturday, Aug 30, 2008
A hurricane threatens to halt much of the Gulf of Mexico's oil production
CNN: Gustav: What's at stake
The Gulf of Mexico is home to 4,000 drilling platforms and 33,000 miles of pipeline, which send 1.3 million barrels a day to the Gulf Coast's 56 refineries. But a hurricane threatens to deal a powerful blow to the oil-rich region.
Hurricane Gustav, which just smacked Jamaica with heavy rain and winds, is heading towards the Gulf of Mexico, and forecasters predict its path will steer right through the heart of the region's biggest concentration of oil and gasoline producers.
Posted by mark @ 01:33 PM (262 views) Add Comment
1 Comment
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1. Kruador said...
This will be used as an excuse for the speculators to buy paper barrels and ramp the price for a little while, but I expect the next US Federal Traffic Volume Trends estimate to continue to show an actual drop in demand - currently at 5% year on year in the world's largest consumer of oil.
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