Energy companies – still struggling to restore oil and gas platforms in the Gulf of Mexico after Hurricane Katrina – have begun shutting down operations and evacuating personnel in advance of Tropical Storm Rita.
Crude oil prices jumped 7 percent and natural gas prices closed 14 percent higher Monday in anticipation of further pinched oil and gas supplies.
Oil companies began bringing construction workers and project crews ashore Sunday in the first wave of personnel clearing from platforms and drilling rigs in the Gulf. Major oil companies with operations in the deep water Gulf launched the earliest evacuation.
Rita is expected to race through the heart of the Gulf, where energy operations ravaged by Katrina three weeks ago have not been restored to full operation. The damage affected all aspects of the energy supply chain from drilling rigs to gas processing plants and oil refineries which produce gasoline. [Read more - NOLA]
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