Did you try hoodia?
bridgette_irvin at midwest.net
Thu Sep 1 18:01:18 PDT 2005
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Scattered reports of damage to oil production and refineries started to dribble in this morning, and energy prices rose for a second straight day after Hurricane Katrina savaged Mississippi, Louisiana and Alabama.
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The New York Times
Gulfport, Miss., and New Orleans suffered major damage.
Hurricane Katrina: Photos and Video of the Storm's Impact
The New York Times
Crude oil prices rose $1.50 a barrel, to $68.70, on the New York Mercantile Exchange and wholesale gasoline prices rose 9.98 cents, or 4.8 percent, to $2.160. Natural gas prices were up slightly today after a 16 percent increase on Monday.
Royal Dutch Shell said its Mars oil production platform, which accounts for 15 percent of the Gulf of Mexico's output at 220,000 barrels a day, sustained some damaged, but the company could not provide more details since crews had not done an extensive survey of the facility.
But an executive with Venezuela's largest oil company, Petroleos de Venezuela, told Bloomberg News that a refinery it jointly operates with Exxon Mobil near New Orleans was not damaged and would restart production as soon as the government lifted a storm warning. That plant is based in Chalmette just outside New Orleans and was processing about 187,200 barrels of oil a day before it was shut down.
As of last night, the Energy Department reported that nine refiners were shutdown and at least three others had reduced production runs. Katrina has sidelined 92 percent of the gulf's oil production, or 1.5 million barrels a day, and 83 percent of natural gas production.
The gulf region is home of a major portion of the United States oil and gas production and refining. The disruption to those facilities comes at a particularly bad time for the industry and consumers because energy supplies are already stretched thin and demand is at its summer peak.
Analysts have said the true extent of the hurricane's disruption may not be known for another day or two as companies send out teams to survey the damage at oil rigs and the flooding at refineries. Even if damage is limited, it may take some days or weeks before some of the facilities can be brought back up to full speed.
The stock market was trading down on concerns about the full impact of the hurricane. The Dow Jones industrial average fell 73.18 points, to 10,389.87; the Standard & Poor's 500 stock index slipped 7.20, to 1205.08; the Nasdaq composite was down 13.40, to 2,124.25.
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