93 Percent of Oil Output in Gulf Shut Down by Isaac

August 29, 2012; 9:00 AM ET
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Update:
3:00 p.m. EDT Tuesday:
According to Bloomsberg, Isaac has now shut down 93 percent of oil output and 67 percent of natural gas output in the Gulf of Mexico.


As Isaac impacts the Gulf of Mexico, oil and gas companies have evacuated workers and shut down production.

Isaac's disruption of oil production makes oil and gas prices uncertain. One factor that could make the prices rise is the limited supply with Gulf oil production shutting down. The price of oil could drop, however, if the United States government releases oil from the Strategic Petroleum Reserve.

Based on Bureau of Safety and Environment Enforcement (BSEE) data from offshore operator reports submitted Sunday morning, one in 10 oils rigs and around one in 20 manned oil platforms evacuated workers.

Estimates from the BSEE Sunday had around a quarter of oil production closed in the Gulf of Mexico. Isaac halted less than 10 percent of natural gas production so far.

Map of oil rigs and platforms in the Gulf of Mexico in 2008 from GeoCommons.com. The map was produced and published by William Benjamin.

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