Tropical Storm Isaac is curtailing oil production along the Gulf of Mexico and threatening refineries, which could send already rising gasoline prices up another 10 cents in the coming week.
The U.S. Bureau of Safety and Environmental Enforcement, which oversees offshore oil production, said Sunday that nearly 25% of the current daily oil production in the Gulf of Mexico has been shut, with nearly 50 rigs and oil platforms already evacuated in advance of the storm. In addition, more than 8% of natural gas production in the Gulf has also been halted.
via CNN
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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