Pipeline Problems to Delay Gulf Oil and Gas
It may take until the end of October for U.S. oil and natural gas production in the Gulf of Mexico to return to near pre-Hurricane Katrina levels, but it will take even longer for that much production to make it to the market, the U.S. government said.
Offshore energy companies will have the ability to produce at about 90% of pre-storm oil and gas output in 30 to 40 days, officials said. But some of it won’t be able to make it to wholesale market for as long as three months because of pipeline problems and shutdowns of oil refineries and gas processing plants.
From Reuters
* Louisiana’s top agricultural official said the state’s farms, fisheries and timberlands suffered more than $1 billion in losses as a result of Hurricane Katrina.
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