Significant GOM Production Still Shut-in
The situation isn't getting a lot of press but the Minerals Management Service reports that almost 27% of oil production and almost 19% of natural gas production from the Gulf of Mexico is still shut-in due to damage inflicted by Hurricanes Katrina and Rita. That's more than 400,000 barrels of oil per day and almost 2 billion cubic feet of gas per day that's not making it to US refiners or into the nation's gas distribution system.
Fortunately, it's been a mild winter and natural gas prices actually closed at a four-month low yesterday, although both crude and natural gas are up today.
The MMS issues twice-weekly status reports on the shut-in production in the GOM, if you're interested in tracking the industry's progress in getting things back online.
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