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<span class="news_story_title">Gustav Cuts Gulf Oil, Gas Output;
Refining Curtailed (Update1) </span> <br>
<p>By Jim Polson</p>
<p> Aug. 30 (Bloomberg) -- Crude-oil and natural-gas shipments
from the Gulf of Mexico plummeted, and <a linkindex="31"
href="http://www.bloomberg.com/apps/quote?ticker=VLO%3AUS"
onmouseover="return escape( popwQuoteShort( this, 'VLO:US' ))">Valero
Energy Corp.</a> and
<a set="yes" linkindex="32"
href="http://www.bloomberg.com/apps/quote?ticker=RDSA%3ALN"
onmouseover="return escape( popwQuoteShort( this, 'RDSA:LN' ))">Royal
Dutch Shell Plc</a> cut refinery operations as Hurricane Gustav
strengthened to a Category 4 storm on a course to strike
Louisiana in two days. </p>
<p>BP Plc, Exxon Mobil Corp. and Shell, Europe's largest oil
company, led producers shutting wells and whisking staff ashore.
About 77 percent of Gulf oil production and 37 percent of
natural-gas output was shut, the <a linkindex="33"
href="http://www.mms.gov/ooc/press/2008/press0830.htm" target="_blank"
onmouseover="return escape( popwOpenWebSite( this ))">U.S. Minerals
Management Service</a>
said in a statement today. The Louisiana Oil Port, the nation's
largest crude-oil terminal, closed this morning.<br>
</p>
<p>Full story:<br>
</p>
<p><a class="moz-txt-link-freetext" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=axZFeavVaqLA&refer=home">http://www.bloomberg.com/apps/news?pid=20601087&sid=axZFeavVaqLA&refer=home</a><br>
</p>
<p>-------------------------------------------<br>
</p>
<p><i><b>This could skyrocket gasoline and heating costs - probably
$2-3.00 per gallon if it lasts too long.<br>
</b></i></p>
<p><i><b>The entire Gulf Coast region still reeling from Katrina after
three years is looking at getting hammered by a far bigger and badder
monster, Gustav.<br>
</b></i></p>
<p><i><b>Katrina hit New Orleans and much of Mississippi and Louisiana
as a wide-spread category 3 hurricane. Gustav is looking to hit as a
category 5 monster. It's time for us to start praying.<br>
</b></i></p>
<p><i><b>Dan</b></i><br>
</p>
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