Minerals Management Service says production in the gulf is no longer 100 percent shut down.September 29, 2005: 2:56 PM EDT NEW YORK (Reuters) - U.S. crude oil and natural gas production in the Gulf of Mexico improved slightly on Thursday, the Minerals Management Service said in its daily report logging the impact of Hurricane Rita and the prior Hurricane Katrina.
MMS said the percentage of oil output shut was 98.59 percent on Thursday. It was 100 percent on Wednesday. The percentage is based on the normal daily oil output from Gulf of Mexico operations of 1.5 million barrels a day.
Wednesday's report said 1.478 million barrels of crude oil production was shut as of Thursday morning, in contrast to 1.511 million barrels reported shut on Wednesday.
For natural gas, 7.979 billion cubic feet a day, or 79.79 percent, was shut Thursday. On Wednesday, 80.27 percent, was shut. The normal daily natural gas output is about 10 billion cubic feet.
What does this mean? It means we're in trouble. October will be the month that we become enlightened to the first really dire consequences of our prolonged ignorance and paralysis on the subject of Peak Oil. November will be the month when we begin to feel the full brunt of it, and the first inkling of Too Late starts to set in. Expect airlines to shut down in droves in 2006, and prices everywhere to rise.
What can we do? Not a lot, so expect to see a lot of angry people around you.
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