Oil prices hit record $70.80 as Katrina wreaks havoc

Simon Webb, Reuters

Oil prices hit record $70.80 as Katrina wreaks havoc
Tue, 30 Aug, 2005 - 01:00

The region is home to a quarter of total US oil and gas production.

US crude oil futures jumped nearly $5 a barrel in electronic trade to touch a peak of $70.80 a barrel, the highest front-month price since the New York Mercantile Exchange (NYMEX) began trading the contracts in 1983.

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CourtsPlace: USPlace: Gulf of MexicoPlace: southeast LouisianaPerson: Simon WebbPerson: Frederic LasserrePerson: LasserrePerson: Matt CarmichaelPerson: presidentPerson: BushPerson: David ThurtellPerson: IvanEvent: KatrinaEvent: Hurricane IvanOrganisation: ReutersOrganisation: New York Mercantile ExchangeOrganisation: NymexOrganisation: SGOrganisation: US governmentOrganisation: Chevron CorporationOrganisation: Strategic Petroleum ReserveOrganisation: Commonwealth BankOrganisation: US Department of Energy
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