Feds: hurricane sparks shut-in of 96% of Gulf oil output
NEW YORK(MarketWatch) — More than 90% of of oil production in the Gulf of Mexico has been shut-in due to Hurricane Gustav, the U.S. Minerals Management Service said Sunday in an afternoon update. Approximately 96.26% of the oil production in the Gulf had been shut-in, according to operator reports as of 12:30 p.m. Eastern, reported the MMS, a bureau in the U.S. Department of the Interior. The Gulf produces about 1.3 million barrels of oil per day, according to the agency. About 82.3% of natural-gas production is shut-in, the federal bureau said.
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