Monday, September 01, 2008

Hurricane Gustav Threat Pushes Oil To $117 In Asia

September 1, 2008 6:34 a.m. EST
Ed Sutherland - AHN Editor

Tokyo, Japan (AHN) - As Hurricane Gustav moves through the Gulf Coast dotted with oil rigs and refineries, the threat has Monday pushed the price of crude oil in Asia close to $117 a barrel. In Singapore, oil reached $116.85 a barrel after closing at $115.46 Friday in New York.

Stung by the 105 Gulf Coast oil rigs destroyed during the 2005 Hurricane Katrina, producers such as Exxon Mobil and Valero Energy Corp evacuate platforms - shutting down about 15 percent of U.S. production.

Hinting at higher gas prices sparked by the Gulf Coast weather, the price of gas as the pump rose to $3.687 a gallon, according to the AAA. For days, the price of gasoline has retreated as crude oil prices fell.

Along the Gulf Coast, more than 1.9 million people have evacuated ahead of Gustav's landfall, expected around middat Monday. Prior to reaching the U.S., the hurricane reportedly killed around 94 people in the Caribbean.

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