US oil, gas industry reeling from two hurricanes

Oil and gas companies were still assessing damage last week, but initial indications were that Hurricane Rita, which hit the US Gulf Coast Sept. 24, was much less destructive than Hurricane Katrina, which came ashore near New Orleans Aug. 29.Although earlier rated as a Category 5 hurricane and the third worst ever to threaten the US while still in the Gulf of Mexico, Rita deteriorated to a Category 3 storm by the time it made landfall near the Texas-Louisiana border.“The good news is that Rita seems to have missed any vital organs,” said David Wyss, chief economist at Standard & Poor’s, the investment research unit of McGraw-Hill Cos., in a Sept. 28 telephone confere...

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