**Gulf Coast Oil and Gas Drilling Shuts Down Ahead of Gustav**

[Barack_America]

Predicted to be shutdown all of next week.

That should be a big boost to the GOP's "Drill Here, Drill Now"-themed convention, no?

:rofl:

UPDATE: MMS:US Gulf Producers Shut In 77% Oil, 37% Gas Output

NEW YORK -(Dow Jones)- Energy producers have shut in approximately 77% of oil output and 37% of natural gas production in the Gulf of Mexico, as the industry shutters its activities ahead of the extremely powerful Hurricane Gustav, the U.S. Minerals Management Service said Saturday.

Most of the shut-in production is unlikely to return before the end of next week.

The agency said personnel have been evacuated from a total of 223 production platforms, equivalent to 31.1% of the 717 manned platforms in the Gulf of Mexico. Most of the major producers, including the two largest - Royal Dutch Shell PLC (RDSA) and BP PLC (BP) have announced a total halt to offshore operations ahead of Gustav's arrival in the region. Others, including Chevron Corp. (CVX), have partially cut production linked to platforms shut down by other producers.

Crews from 45 rigs have also been evacuated, as of 12:30 a.m. EDT, equivalent to 37.2% of the 121 rigs currently operating in the Gulf.

According to the report, nearly 1 million barrels of daily oil production is now shut down. The last time this happened was in November 2005, after Hurricanes Katrina and Rita. In addition, 2.75 billion cubic feet of daily natural gas production is now shut down.

More:
http://money.cnn.com/news/newsfeeds/articles/djf500/200808301801DOWJONESDJONLINE000478_FORTUNE5.htm


For your comparison:

The location of oil rigs/platforms in the Gulf of Mexico (with Rita's and Katrina's listed)



The projected path of Hurricane Gustav


Uh oh. ;)

Edited: Whoa, what a typo!! lol

[Doug.Goodall]

1. And we will have a nice fat price jump in gasoline prices to go along with Republican Convention

But why do I have the feeling the Main Stream Media will find some way to twist it around and blame the Democrats for it?

[Barack_America]

4. They're going to release the oil reserves to save their asses during the convention.

I kid you not.

Analyst: Gas Could Hit $5 a Gallon
By DONNA KARDOS
August 29, 2008 12:15 p.m.

A CIBC analyst warned supply disruptions on par with those seen following hurricanes Katrina and Rita in 2005 could send gasoline prices to new records, pushing pump prices to $5 a gallon and causing natural-gas prices to spike.

The report from Jeffrey Rubin came as Tropical Storm Gustav makes its march toward the Gulf of Mexico on a track that is currently forecasted to take the center of the storm through key oil-and-gas production areas off Louisiana, possibly as a strong hurricane.

Because of damage caused by the 2005 storms, Mr. Rubin believes production declines seen since then for the Gulf of Mexico are "now likely irreversible." He also says crude and total oil product inventories are now "significantly lower" than when Katrina and Rita hit, making prices more exposed to potential storm-related supply disruptions. After Katrina, crude-oil futures jumped 10% and gasoline prices briefly surged more than 50%.

Few have taken Mr. Rubin's view about a price surge, with many oil-industry officials and economists believing the markets are better supplied and more resilient today than they were three years ago, and that the world energy markets are in a stronger position to ride out sudden supply disruptions of the kind seen in the aftermath of 2005's Hurricane Katrina.

Still, the U.S. government and the International Energy Agency said Thursday that they would arrange the release of oil reserves if supplies in the Gulf of Mexico are disrupted in coming days.

More:
http://online.wsj.com/article/SB122002526979483607.html?mod=googlenews_wsj

[Doug.Goodall]

6. Who would expect less from the Republicans

Use the power of the Executive Branch to squander our emergency WAR TIME strategic oil reserves to try and save their rear ends at the convention. That just smacks of using the Government for political gain.

I just want to puke.

:puke:

[Youphemism]

2. Especially if the hurricane causes an oil spill in the gulf...

It would be hard to push a "Drill Here, Drill Now" platform while people are cleaning oily albatross on the beaches.

There are a whole lot of oil platforms in its path, and this hurricane is stronger than Katrina.

I hope they have them secured. No slap in the face to McCain is worth that kind of environmental devastation. But he sure does have bad luck, doesn't he? Forget all the real issues... Can we afford a President with McCain's kind of luck?

[Barack_America]

5. Yikes. I certainly hope that doesn't happen...

But I do hope that gas prices go up a bit, to expose the vulnerability of the GOP's "energy plan" and their big-oil cronies.

As if that would happen (they're going to release the reserves), but a girl can dream, right?

[1corona4u]

3. People should fill their cars today...I did.

[Barack_America]

8. That's a good point.

I found an article that mentioned there's going to be some sort of an emergency trading session for oil tomorrow, so I'd imagine the price of gas would increase after that.

[1corona4u]

9. I don't even want to know what it will be tomorrow.

And there are 2 other storms right behind this one.

[Barack_America]

7. Gustav predicted to be more catastrophic than Katrina...

...to the oil and gas industry.

Will affect imports too.

http://www.bloomberg.com/apps/news?pid=20601087&sid=axZFeavVaqLA&refer=home


:wow: