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Hurricane Watch: Gustav Strengthens, Yet Oil Prices Fall
Posted on August 28, 2008
Tropical storm Gustav is bearing down on Jamaica and inching its way toward full hurricane status. Oil companies with operations in the Gulf of Mexicolike Royal Dutch Shell and ConocoPhilips are continuing to evacuate workers from drilling rigs; Bloomberg puts the affected oil production above 500,000 barrels per day. Thats not a drop in the oceanwhile only about 0.5% of global oil consumption, thats more than 2% of U.S. oil consumption.And yet crude oil futures fell more than 2% to $115.56, after steadily rising for days on wories Gustav would pull a Katrina on the vulnerable Gulf coast. Wh...
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