Commodities Agenda: Ike idles U.S. Gulf energy industry

September 12, 2008

Hurricane Ike on ThursdayOil prices are rising as Hurricane Ike moves within 24 hours of striking the coast near Houston with a possible 20-foot (6-meter) wall of water.  A slew of oil refineries located in Galveston Bay that account for around 12 percent of U.S. capacity were also in the storm’s likely path. Weather forecasters at Planalytics saw “major and long-term damage likely at the major refining cities.”

Ike, the federal response and updates of output will set the tone for the day. Here’s a look at output shut in the Gulf and list of oil companies shut and some other events in commodities:

  • Senate Energy Committee hold day-long summit to discuss America’s energy problems and solutions.
  • Could see big calls for corn/soy after weaker than expected crop and stocks numbers.
  • Ed Stoddard and Yereth Rosen probe whether Sarah Palin a friend or foe of big oil. As governor of Alaska, she raised taxes on oil companies. But on drilling, her positions look very like Vice President Dick Cheney.

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