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Katrina Targets Gulf of Mexico Oil
Aug 28, 12:48 AM ET |
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| Update 4: Several off-shore Gulf of Mexico based oil platforms are winding down production and evacuating operational and non-operational employees. |
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| As hurricane Katrina gathered speed and strength to level 5, major oil companies have announnced production shut-downs in the Gulf of Mexico region. The region produces 1.5 million barrles of oil per day and 10 billion cubic feet of natural gas. The potential landfall on Monday morning near New Orleans may cause severe weather conditions in and aroud the city. |
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Louisiana Port in the Eye of Katrina
Aug 28, 2:14 AM ET |
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| update 3: Port Fourchon is destination to more than 13% U.S. oil import and 27% of domestic oil and employs 6,000 people. |
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| Eighteen percent of the nation's energy flows through a very narrow two-lane highway handling more than 10,000 daily vehicle traffic used by cargo and 6,000 port employees. Now Katrina threatnes to close that down. According to latest EIA report if this road is closed for more than two weeks gasoline prices can skyrocket. Louisiana generates more than $5 billion in taxes to the federal government but very little of that is shared in the local development. |
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