(Bloomberg) -- The power of hurricanes to drive up oil prices is diminishing as the proportion of U.S. crude coming from the Gulf of Mexico falls to a 14-year low because of the increase in onshore shale production. Oil prices were little changed in the week ending Aug. 31, even as more than 90 percent of Gulf capacity was shut for five consecutive days with Hurricane Isaac … [Read more...]
Isaac ‘Tar Balls’ Could Complicate BP’s Oil Spill Settlement [UPDATE]
![Isaac ‘Tar Balls’ Could Complicate BP’s Oil Spill Settlement [UPDATE]](https://3kbo302xo3lg2i1rj8450xje-wpengine.netdna-ssl.com/wp-content/uploads/2012/09/shutterstock_80812237-207x125.jpg)
(Bloomberg) -- BP Plc’s proposed $7.8 billion partial settlement of 2010 Gulf of Mexico oil-spill claims shouldn’t be approved because last month’s hurricane shows how the extent of the spill’s damage still isn’t known, a victim’s lawyer said. Large amounts of weathered oil and tar were washed up after Hurricane Isaac struck land in the … [Read more...]
U.S. Gulf of Mexico Production Still Nearly Half Shut-In in Wake of Isaac
Nearly half of the oil production in the U.S. Gulf of Mexico remained shut-in Wednesday as producers continue to restore production following Hurricane Isaac. The Bureau of Safety and Environmental Enforcement reported Wednesday that 49.33% of oil output in the U.S. Gulf was still shut-in, or about 680,749 barrels a day. That is compared to 51.5% of Gulf oil production that … [Read more...]
So the Hansa Berlin REALLY DID Run Aground on Cuba’s Coast [INCIDENT PHOTO]
![So the Hansa Berlin REALLY DID Run Aground on Cuba’s Coast [INCIDENT PHOTO]](https://3kbo302xo3lg2i1rj8450xje-wpengine.netdna-ssl.com/wp-content/uploads/2012/09/IMG_0173-207x125.jpg)
It's about time we have some photo evidence of the grounded Hansa Berlin in Cuba. gCaptain broke the news that the Hansa Berlin containership quietly grounded (well, maybe not so quietly) off the coast of Cuba some 20 miles from Havana in what was then TS Isaac. The vessel is a 1993 built containership with a capacity of 1.016 TEU and is flying the Liberian flag. Word … [Read more...]
Port Fourchon: A Critical Piece of Isaac No One Is Talking About
Editor's Note: While Hurricane Isaac mostly spared Gulf of Mexico oil and gas production, concerns are mounting over the condition of Port Fourchon, LA where the main hub of the Gulf offshore activity lies. Isaac delivered a direct hit to area, if not two, but little information has been released concerning damage to the port and main stream media outlets have all but … [Read more...]