Investing

Gulf Oil Production About 80% Shut-In Due to TS/Hurricane Isaac

The Bureau of Safety and Environmental Enforcement (BSEE) Hurricane Response Team reported earlier that some 78% of crude oil and 48.3% of the natural gas production has been shut-in by Tropical Storm Isaac (soon to be Hurricane Isaac).  As of 3:00 PM EST this probably became 80% of oil and over 50% of that natural gas production.  There are many other companies of course which are affected, but this has companies such as BP plc (NYSE: BP), Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), Apache Corp. (NYSE: APA), and Royal Dutch Shell PLC (NYSE: RDS-A) all on watch.

  • Personnel have been evacuated from a total of 346 production platforms, equivalent to 58.05 percent of the 596 manned platforms in the Gulf of Mexico.
  • Personnel have been evacuated from 41 rigs, equivalent to 53.9 percent of the 76 rigs currently operating in the Gulf.
  • It is estimated that approximately 78.02 percent of the current daily oil production in the Gulf of Mexico has been shut-in and that approximately 48.13 percent of the current daily natural gas production in the Gulf of Mexico has been shut-in.

As a reminder, here is a map of the oil and gas offshore infrastructure tracked by NOAA:

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.