Oil industry tallies up damage from Gustav - KLTV.com - Tyler, Longview, Jacksonville |ETX News

9/2/2008

Oil industry tallies up damage from Gustav

 HOUSTON (AP) - Oil companies, rig owners and refiners spread out across the Gulf Coast today, looking for damage from Hurricane Gustav. But some companies are already putting equipment and people back in place to resume operations.

Preliminary indications were that Gustav caused little damage to onshore and offshore facilities, although the full impact likely won't be known for a couple of days. Many companies are flying over offshore sites in airplanes and helicopters this morning, checking for any obvious damage. ConocoPhillips said remote monitoring of its Magnolia production platform about 165 miles off the Louisiana coast indicated it had not sustained significant damage.

Still, the price of oil tumbled more than $8 a barrel in electronic trading on the New York Mercantile Exchange today. That suggests that traders are confident that the energy complex suffered only a glancing blow.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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