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December 2, 2008 7:33:48 PM CST

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Oil Prices Jump $1 as Gustav Shuts Down Gulf Operations

Posted Sep 1, 08 4:35 AM CDT in US,  Business 

(Newser) – Hurricane Gustav helped boost oil prices today by more than $1 a barrel as energy companies shut down production facilities in the storm's path, reports Reuters. US crude rose $1.54 to $117 per barrel this morning, after briefly surging to over $118 when NYMEX opened for electronic trading hours earlier than usual.

"The biggest danger is that the tidal flows knock refineries out of action at a time when oil product inventories are at a minimum," a London analyst told Bloomberg. More than 96% of American oil production in the Gulf and 82% of natural gas output were shut down by yesterday afternoon. The Gulf normally provides a quarter of all US oil production.

Source Reuters

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An oil rig crew worker on the Chevron Genesis Oil Rig Platform in the Gulf of Mexico on Aug. 19. Oil prices settled above $118 a barrel Wednesday, as Huuricane Gustav spun toward the Gulf of Mexico.   (AP Photo/Mary Altaffer)
An oil tanker makes its way through New York Harbor on Wednesday. Oil prices rose above $119 a barrel Thursday on fears that Hurricane Gustav could strengthen on its way toward oil rigs in the Gulf.   (AP Photo/Mark Lennihan)
Tropical Storm Gustav over the Caribbean last week.   (AP Photo/NOAA)
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gas prices • Hurricane Gustav • oil prices • oil production • Gulf of Mexico • Gulf Coast • energy markets


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