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| Version 1 | Version 2 |
|---|---|
| Oil prices rise as Gustav looms | Oil prices rise as Gustav looms |
| (about 1 hour later) | |
| Oil prices have risen more than $1 after energy firms shut down almost all oil production in the Gulf of Mexico as Hurricane Gustav approaches the US. | |
| The storm is set to hit the Louisiana coast west of New Orleans on Monday. | The storm is set to hit the Louisiana coast west of New Orleans on Monday. |
| Light, sweet US crude was up $1.04 at $116.50 a barrel in Asian trading. London Brent crude was at $115.02. | Light, sweet US crude was up $1.04 at $116.50 a barrel in Asian trading. London Brent crude was at $115.02. |
| Analysts said that Hurricane Gustav may inflict more damage than 2005's Hurricane Katrina to the region's oil rigs and refineries. | Analysts said that Hurricane Gustav may inflict more damage than 2005's Hurricane Katrina to the region's oil rigs and refineries. |
| The region produces 25% of the US's crude oil and 15% of its natural gas. | The region produces 25% of the US's crude oil and 15% of its natural gas. |
| About 4,000 offshore oil and gas facilities are located in the US gulf, 100 of which were badly damaged three years ago by Katrina and the follow on Hurricane Rita. | About 4,000 offshore oil and gas facilities are located in the US gulf, 100 of which were badly damaged three years ago by Katrina and the follow on Hurricane Rita. |
| 'Katrina's legacy' | |
| Crude prices had increased last week as concern mounted about Gustav, before finishing slightly down on Friday. | Crude prices had increased last week as concern mounted about Gustav, before finishing slightly down on Friday. |
| Energy companies, including BP and Shell, have closed down more than 96% of the area's oil output and 82% of gas as of Sunday afternoon US time, the US Minerals Management Service said. | |
| "This is Katrina's legacy," said Phil Flynn of Alaron Trading in Chicago. | |
| "The industry is much more prepared and taking things much more seriously. That's why so much has been shut down so quickly." |