Newspaper article The Evening Standard (London, England)

World Energy Prices Hit New Highs amid Hurricane Havoc

Newspaper article The Evening Standard (London, England)

World Energy Prices Hit New Highs amid Hurricane Havoc

Article excerpt

Byline: ROBERT LEA

WORLD energy prices soared to records today as Hurricane Katrina shut down production across vast swathes of the oil and gas-rich Gulf of Mexico.

As the energy industry counted the multibillion dollar cost of Katrina, which smashed into the coast of the American South close to New Orleans, the hurricane is reckoned to have halted more than 90% of production in the Gulf, damaging platforms and setting rigs adrift.

Fears of oil and gas shortages in the world market after the loss of the vast majority of the 1.5 million barrels a day from the Gulf sent energy prices soaring.

Oil hit an all-time high of $70.80 in overnight trading while gas prices surged more than 20% to $12 per therm.

Reports said 615 platforms in the Gulf had been hit and that 96 rigs had been evacuated. The US Coast Guard said a number of oil platforms were adrift.

Shell said its Mars platform sustained "topside damage" and two other rigs were adrift. …

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