Sad News!!!
It's only going higher...there are 21 refineries here in the Texas coast area.
Nine of those facilities, representing 12 per cent of U.S. refinery capacity have already closed. Most of the others have closed down or atleast gone to a skelton crew with little output.
Assuming no damage, it will take one week to ten days for these refineries to restart and reach full production.
Damage from Hurricane Katrina has caused shortage of refining capacity and has already pushed up prices. (Four refineries hit by Katrina are still out of action) If there's damage at BP PLC's (Texas City refinery), Marathon Oil Corp (Texas City refinery), Shell Oil's (Houston refinery). Exxon Mobil (Baytown refinery), Exxon Mobil (Beaumont refinery), then the USA and Canadian are going to have an oil and gas heart attack (that will include jet fuel and diesel also)...
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