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Gustav May Rival Katrina as It Advances Toward Gulf of Mexico [View All]

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Purveyor Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-27-08 11:41 AM
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Gustav May Rival Katrina as It Advances Toward Gulf of Mexico
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Source: Bloomberg

Aug. 27 (Bloomberg) -- U.S. oil and natural gas producers are beginning evacuations in the Gulf of Mexico as Tropical Storm Gustav, which may become the costliest hurricane since Katrina and Rita in 2005, heads toward the region.

``We could see 50 percent of Gulf of Mexico oil and gas production shut in,'' said Andy Lipow, president of Lipow Oil Associates in Houston.

Energy prices rose as the storm was forecast to regain hurricane strength on a track toward Louisiana and the offshore fields responsible for about a quarter of U.S. oil production and 15 percent of gas output.

The Hurricane Center's five-day forecast track shows Gustav crossing western Cuba and heading up toward Louisiana.

Gustav may become a ``destructive hurricane rivaling Rita and Katrina in effect on energy,'' Joe Bastardi of in State College, Pennsylvania, said in an outlook today. ``Tracks of storms of this genre include the worst hits on Galveston and Gustav has a chance to join that list.''

Hurricane Katrina, the costliest storm ever to hit the U.S., with damage estimated at $81 billion, was a Category 3 storm when it struck along the Gulf Coast in August 2005.



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