Friday, August 29, 2008

Oil Industry Shuts Down For Gustav

With tropical storm Gustav threatening to become a monster hurricane, the oil and gas industry is starting to batten down the hatches on its giant rigs in the Gulf of Mexico.

Already, many of the companies have evacuated roughnecks and geologists and are preparing to turn off the oil and gas deep under water.

On Thursday, Shell Oil Company, which produces about one third of the oil in the Gulf, said it had evacuated 400 workers with another 600 due out on Friday and Saturday. It was in the process of turning off the equivalent of 510,000 barrels of oil.

Any disruption of the oil and gas flow could eventually result in higher prices at the pump much as it did after hurricane Katrina. In recent days, the price of oil has moved up in anticipation of the storm but fell back on Thursday after some governmental organizations said they would release oil from stockpiles if there were disruptions. - Christian Science Monitor

Just...Just as $3.50 nears...

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