Gustav leaves 1 million without electricity, 96% of Gulf oil output idled - repairs to take weeks

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NVDL: Katrina may have caused catastrophic flooding, Gustav was a monster of a different order. Gustav caused massive infrastructure damage to Louisianna's power grid.

The implications of Gulf Oil without power for 2-4 weeks of course are that oil prices now testing $100 levels could easily rocket upward as the noose on supply tightens.

clipped from www.bloomberg.com Sept. 3 (Bloomberg) -- About 96 percent of crude-oil production in the Gulf of Mexico and 92 percent of natural-gas output remains halted because of Hurricane Gustav, the U.S. government said. Energy producers reported that 91 rigs and 599 production platforms still are evacuated due to the storm, the Minerals Management Service said today in a statement on its Web site. About 1.2 million barrels of daily oil production remain shut-in, along with 6.7 billion cubic feet of gas. The Gulf of Mexico accounts for 26 percent of U.S. oil production and 14 percent of natural-gas output. The Gulf produces 1.3 million barrels of oil and an estimated 7.4 billion cubic feet of gas a day, according to the agency, part of the U.S. Interior Department.