Energy agenda: Offshore recovery efforts

By Reuters Staff
October 1, 2008

1Lt. John Savell (L) and Lt. Collin Smth of the Louisiana National Guard walk near a puddle during a foot patrol in the Lower Ninth Ward following Hurricane Gustav in New Orleans, Louisiana September 3, 2008. REUTERS/Lee Celano (UNITED STATES)Oil prices are slipping this morning, reacting more to dimming prospects for U.S. growth after a report showed job losses in August than the tropical storms building in the Caribbean.

October crude was last down close to $2 at $105.92 a barrel on the NY Merc — just about the level Iran’s OPEC governor said on Friday is “appropriate.”

Here’s a look at some of the story planning on the Reuters energy team today:

  • Checking in on Hurricane Gustav cleanup – it’s been slow. (MMS releases updated production data from Gulf of Mexico in Gustav’s wake (1800 GMT)
  • Checking on Entergy’s work to restore power, repair damaged grid
  • From Caracas, details of any impact on oil industry from Monday’s electricity blackout.

Despite the slow cleanup, oil just dropped below $90 a barrel and Russia has suggested $50 a barrel oil may not be to far away.


I can say is it is kind of funny when OPEC says speculation is to be blame but why not look at themselves. The world is about demand, when oil prices rises to a record of 147 they were so happy knowing they can earn but never would they expect it to be so short live. They have killed off a demand that may takes years to recover and have also make the west more determine to reduce oil dependance the future looks bleak for OPEC and their role

Posted by Samuel Louis | Report as abusive

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