Gulf Oil Production at a Stand Still, yet Prices Drop

NEW YORK (Reuters) - Essentially all Gulf of Mexico crude oil production and 30 percent of U.S. oil refinery production was shut as Hurricane Rita approached the Texas and Louisiana coasts.

Oil prices dropped Friday afternoon as Rita was downgraded to a Category 3 at maximum sustained winds of 125 mph.

About 72 percent of natural gas production was shut in by Friday, the U.S. Minerals Management Service said. More from ABC...

Via Nature's Wrath, an aggregator for weather-related news and commentary.