Markets and hurricanes

09/04/2006
With the Atlantic hurricane season now well under way, many in the US are reflecting on last year at this time when one of the largest and costliest hurricanes hit the Gulf Coast region.Hurricane Katrina ravaged the area and had a devastating impact to the oil and gas industry.It also illustrated an oil market at work.The damageKatrina and Hurricane Rita, which arrived a month later, destroyed or severely damaged platforms and other production facilities in the Gulf of Mexico and idled refineries and gas processing plants onshore. Katrina’s initially shut down 90-95% of the gulf’s daily oil production and 80-85% of its natural gas production.Two major pipelines that supply oil...
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