5 million barrel per day gone and Nigeria pipeline bombed but oil prices fall

NVDL: My information is that at least 4 oil rigs were drifitng around the Gulf, and a pipeline carrying 2.4million barrels was out of commission. Add to that the power supply problems getting all that machinery up and running and you have a shutdown scenario lasting 1-2 weeks. But oil prices fall. Intwisting.

"Now that Ike has come and gone, initial reports indicate no real damage to the oil infrastructure in the Gulf coast area," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. - Yahoo

clipped from biz.yahoo.com Power outages were slowing efforts to restart the refineries. Valero Energy Corp. said only one of its closed refineries had power, and spokesman Bill Day said he couldn't estimated how long it would take to resume production. Investors are now turning their attention toward falling oil demand in the U.S., Europe and Japan as slowing economic growth threatens to undermine consumer spending. Oil fell despite reports that militants have launched another attack Nigeria's oil infrastructure in a third day of violence.