Oil prices surge following hurricane disaster
Reports of extensive damage and photos of fallen oil platforms in the Gulf of Mexico sent crude oil prices surging above $70 today, as the realities of the long-term damage from Hurricane Katrina began to sink in.
Royal Dutch Shell PLC’s mammoth Mars platform became the latest – and potentially the largest – Katrina casualty, as aerial photos showed significant damage to the top of the facility that normally churns out 220,000 barrels of crude and 220 million cubic feet of natural gas a day.
