US OLEFINS—SECOND-HALF 2008: Hurricanes, economic turmoil push olefins production lower

The combination of two hurricanes in the Gulf of Mexico and a decline in global economic activity caused demand and production of olefins in the US to fall sharply in fourth-quarter 2008.Unlike the quiet hurricane season of 2007, the 2008 Gulf of Mexico hurricane season was active and two storms made landfall in Louisiana and the upper Texas coast. Hurricanes Gustav and Ike caused widespread downtime for the olefins industry during September and October 2008.Furthermore, the dual financial storms of panic and credit crunch reached their full fury during second-half 2008. As economic activity declined globally, demand for petrochemicals fell sharply during fourth-quarter 2008 and had a mor...

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