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

Offshore

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

Primeline Turns Against CNOOC

Primeline Energy Holdings Inc. announces that it has sent a letter to China National Offshore Oil Corporation (CNOOC) and CNOOC China Limited (CCL) (together CNOOC

Olympic Pact with Canyon Offshore

Norwegian offshore shipping company Olympic Shipping has entered into a frame agreement with Canyon Offshore for the joint marketing and subsequent operation of

Navigation

Danelec Bags Multiple VDR Orders in Middle East

Danelec Marine, along with distribution partner Elcome International, is to supply Danelec DM100 Voyage Data Recorders (VDRs) for 14 ships in the Middle East.   The

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

Navico Makes its Commercial Push

Marine electronics group Navico, a literal ‘house of brands’ for the recreational, sail, power and commercial marine markets, is making a strong push in the commercial sector with its Simrad brand.

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.0693 sec (14 req/sec)