Katrina pipeline damage more than first thought

Hurricane Katrina did more damage
to underwater oil and natural gas pipelines in the Gulf of Mexico than
previously thought, according to the U.S. agency that oversees offshore
energy production.

All Gulf oil output shut down

M-M-S says its survey indicated that 100 percent of oil production in the Gulf is shut down as well as more than 80 percent of natural gas production.

The Gulf supplies 29 percent of the nation’s oil and 21 percent of the gas.

What’s coming.

crude oil below $70 is all very well, but in political terms it is a
useless achievement if you cannot also keep gasoline below $100,” said
Barclays Capital. “There is an energy crisis, and it is likely to get worse before it gets better.”