Archive for August 29th, 2005

Oil Goes Up! $70/barrel mark!

Posted in General Interest, Political on 08/29/2005 11:10 am by admin

Business News
Crude oil tops $70 per barrel
By UPI
Aug 29, 2005, 19:00 GMT

LONDON, England (UPI) — Crude oil prices Monday hit another nominal high as Hurricane Katrina forced the closure of nearly half of all Gulf of Mexico oil and natural gas output.

High-quality crude for October delivery on the New York Mercantile Exchange hit $70.80 per barrel before falling to $69.25, still a $3.12-per-gallon rise, the Financial Times reported.

Gulf oil producers have shut 633,000 barrels per day of production capacity, 42 percent of the total in the region that produces about a quarter of U.S. production capacity.

Seven oil refineries were pulled out of production in Louisiana as Katrina crashed onto shore south of New Orleans. Those refineries have a combined daily refining capacity of 1.449 million barrels per day — about 8.5 percent of U.S. capacity.

Copyright 2005 by United Press International

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