ah but what if the total oil they were currently pumping out in the us was cut by more than 8% as a result of the storm? that's what i gather from
that's a massive supply cut jeeze no wonder markets are panicking
Oil production cut U.S. energy companies said U.S. Gulf of Mexico crude oil output was cut by more than one-third on Saturday because of the threatening storm, Reuters reported.
The Gulf of Mexico is home to roughly a quarter of U.S. domestic oil and gas output, with a capacity to produce about 1.5 million barrels per day of crude and 12.3 billion cubic feet per day of gas. (Full story)
Many oil platforms and rigs in the Gulf of Mexico have been evacuated. ((Watch the video of drilling crews securing rigs and seeking safety.)
