The New York Times, The Associated Press, Bloomberg NewsFRIDAY, SEPTEMBER 2, 2005
LONDON The price of gasoline and crude-oil futures contracts rose further on Thursday, as U.S. plans to tap strategic oil reserves failed to ease concern about damage to refineries by Hurricane Katrina and about shortages at gas stations in parts of the United States.
Analysts said the effects of the hurricane on the oil industry in the Gulf of Mexico - particularly the refining sector - would last months and could become the catalyst for a sustained oil shock.
Some economists suggested that the effects of the storm on the oil industry could shave at least one percentage point from the U.S. growth rate in the fourth quarter.
Before the disaster, most analysts expected growth of about 3 percent.
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