Aug. 31 (Bloomberg) -- Crude oil rose for a third day and gasoline reached a record after Hurricane Katrina ripped through the U.S. Gulf coast, shutting oil and gas production, creating fuel shortages and threatening to cause $25 billion of damage to the U.S. economy.
``You're probably going to have problems getting some of these refineries started again,'' said Tony Nunan, an assistant general manager at Mitsubishi Corp. in Tokyo. ``The U.S. just doesn't have enough refineries. You are going to see $3 gasoline at the pump.''
To ensure supplies, oil refiners and fuel wholesalers across most of the U.S. started rationing deliveries to filling stations and convenience stores, while tanks ran dry at some terminals in the Midwest, South and Southeast. The storm's death toll may reach into the hundreds as rescue efforts continued and looting broke out in New Orleans, where the National Guard patrolled the streets in a bid to preserve order.
Crude oil for October delivery today rose as much as 82 cents, or 1.2 percent, to $70.63 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $70.54 at 8:33 a.m. London time. Yesterday, it reached $70.85, the highest since the contract started trading in 1983. [Read more]
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we havent forgotten about the other places affected by katrina, it wasnt only new orleans. no one has. all the way in nh we send all that we can in our small town to the areas affected. our floods werent as bad as the ones got down south, but we still know how it feels to lose everything you own and people you love due to natural events. you will always be remembered and true americans do care about you, it may not be much but a small fact, but just remember it. it's the truth...
Posted by: scoremore | October 17, 2010 at 08:39 AM