Beyond the torment it has already caused in the Carribbean and the stress it places on those who are evacuating the Gulf Coast, hurricane Gustav will lead to higher prices at the pumps. That's because the majority of the Gulf of Mexico's oil production is shut down in anticipation of Gustav's force.

Exactly how much production is being shut down? CNNMoney reports that "energy producers have shut in approximately 77% of oil output and 37% of natural gas production in the Gulf of Mexico." This is affecting three producers particularly hard -- Royal Dutch Shell PLC (NYSE: RDS.A), BP PLC (NYSE: BP) and Chevron Corp. (NYSE: CVX).

And the production shut-down is significant -- "nearly 1 million barrels of daily oil production is now shut down. The last time this happened was in November 2005, after Hurricanes Katrina and Rita. In addition, 2.75 billion cubic feet of daily natural gas production is now shut down" according to CNNMoney.

Continue reading Gustav could cost you $5 a gallon at the pumps

Gustav could cost you $5 a gallon at the pumps originally appeared on BloggingStocks on Sun, 31 Aug 2008 09:15:00 EST. Please see our terms for use of feeds.

Continue reading Oil stocks: Why you need to own 'em, and how

Oil stocks: Why you need to own 'em, and how originally appeared on BloggingStocks on Tue, 23 Oct 2007 08:45:00 EST. Please see our terms for use of feeds.

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Analyst downgrades 7-16-07: AMZN, ATVI, RTP, SNDK and YRCW originally appeared on BloggingStocks on Mon, 16 Jul 2007 10:23:00 EST. Please see our terms for use of feeds.

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Analyst upgrades 7-06-07: BP, RDS.A and RJF originally appeared on BloggingStocks on Fri, 06 Jul 2007 10:00:00 EST. Please see our terms for use of feeds.

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Analyst upgrades 5-22-07: BXP, KLAC, MGM and RTN originally appeared on BloggingStocks on Tue, 22 May 2007 10:41:00 EST. Please see our terms for use of feeds.