Rising for the third consecutive day, oil prices touch US$118

28-Aug-08

As the fast approaching Tropical Storm Gustav poses the biggest threat to Gulf Coast energy production since Hurricanes Katrina and Rita in 2005, oil prices have risen for the third-consecutive day. A barrel of crude oil trading for delivery in October rose to US$118. Wednesday Concerns of refinery outages likely ramp up retail gasoline price as Americans hit the road for the long Labor Day weekend. Almost 20% of US oil and natural gas production are located in the Central Gulf Coast - the same area hit in 2005 by Katrina and Rita. Oil companies on Wednesday were evacuating some employees from platforms in the Gulf of Mexico.