Katrina Targets Oil, Refinery Operations - Yahoo! News:
by Justin Bachman, AP Business Writer -- Aug 29, 2005
"The Category 4 storm was on a path to hit New Orleans early Monday, shutting down an estimated 1 million barrels of refining capacity and sharply curbing offshore production in the region.
'This is the big one,' said Peter Beutel, an oil analyst with Cameron Hanover. 'This is unmitigated, bad news for consumers.'
Light, sweet crude for October delivery climbed as much as $4.67 a barrel to hit a high of $70.80 in electronic trading on the New York Mercantile Exchange. The price had slipped back to $68.95 by midday in Europe. That was still up $2.08 from its close on Friday in New York. Gasoline traded at $2.12 a gallon, up 19 cents, or nearly 12 percent, while heating oil rose nearly 14 cents to $1.98 a gallon."
Monday, August 29, 2005
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