In Katrina’s Wake, Oil Surges Past $70

Tuesday, August 30, 2005
Hurricane Katrina swept ashore yesterday as a Category 4 hurricane, and has left untold destruction to the Gulf states of Louisian, Mississippi and Alabama. Another effect of the storm could be felt for months to come, as crude oil futures briefly touched above $70 per barrel for the first time, and natural gas futures jumped nearly 20 percent.

According to an AP report, the Bush administration is considering releasing some oil from the nation's emergency petroleum stockpile to help refiners once the storm passes, though a final decision apparently has not been made. According to AP, wholesale gasoline prices in the New York and Gulf Coast markets jumped 25-35 cents a gallon on Monday following reports that about eight percent of U.S. refining capacity had been shut down because of the storm.

The Category 4 storm hit an area crucial to the U.S. energy infrastructure: offshore oil and gas production, import terminals, pipeline networks and numerous refining operations in the southern states of Louisiana and Mississippi.

On Wall Street, companies that take workers to and from offshore oil platforms, as well as those that provide other support services to the industry, saw their stock prices rise. Shares of Offshore Logistics Inc. climbed 2.58, or 8 percent, to $35.03 on the New York Stock Exchange, where shares of Oceaneering International rose by $1.45, or 3 percent, to $43.65. The Louisiana Offshore Oil Port, the largest oil import terminal in the United States, evacuated all workers and stopped unloading ships on Saturday. The Gulf of Mexico normally produces 1.5 million barrels of crude oil a day, or about a quarter of the United States' domestic output, according to the U.S. Mineral Management Service.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Corima Acquires Damen ASD 2810 Tug

On 20 January 2016, Corima, part of the Italy-based Gesmar Group, held an official handover ceremony for a Damen ASD 2810 tug. The festivities were attended by

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

European Consortium Launches Blue Nodules Project

On 1 February a European consortium launched a new Horizon 2020 project: Blue Nodules. This project addresses the challenge of creating a viable and sustainable

Navigation

New Autonomous Control System Launched

Sea Machines Robotics of Cambridge, Mass. announced the release of its Autonomous Control System (ACS), an advanced vessel control system which converts manually

Videotel, Safebridge JV for Onboard ECDIS Certification

Videotel, a provider of e-Learning maritime training solutions and a company of KVH Industries, has joined forces with online maritime training business Safebridge GmbH,

DNV GL, RS Ink Cooperation Deal

DNV GL’s Maritime CEO Knut Ørbeck-Nilssen recently met with Konstantin Palnikov, Director General of the Russian Maritime Register of Shipping (RS), at the RS head office in St.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0683 sec (15 req/sec)