Storms destroyed 108 offshore platforms

A total of 108
low producing oil and natural gas offshore platforms were destroyed by
hurricanes Rita and Katrina and some of the other 53 heavily damaged
platforms could be offline until next year, the U.S. Interior
Department said on Tuesday.

30 percent of offshore oil and gas production may be shut-in because of
damage to onshore oil refineries and natural gas processing plants.

A dozen oil refineries and 21 gas processing plants remain offline after the hurricanes.

Gas prices are flat or lower. Natural gas prices are climbing steadily.