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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (21577)	11/9/2004 6:58:50 PM
From: ild	Read Replies (1) \| Respond to of 110194

US oil output lowest since 1950 Hurricane Ivan forced several refineries to close US oil output has fallen to its lowest monthly level in more than 50 years in the wake of Hurricane Ivan. Daily output fell below five million barrels in September for the first time since April 1950, according to new government estimates. Hurricane Ivan disrupted drilling operations and pipelines in the Gulf of Mexico, with about 10m barrels lost. The damage wrought by Ivan fuelled the spike in oil prices which topped $50 for the first time in early October. Gradual decline Ivan's impact is likely to be felt on production figures for October and November. The US Energy Information Administration has revised downwards estimated output figures for both months. More than 400,000 barrels were lost in October and about 200,000 barrels still remain offline. According to the agency's latest estimates, production totalled 4.996m barrels in September, the lowest figure since the 4.972m barrels produced in April 1950. Ivan forced the closure of a host of refineries, accounting for about 13% of total US production. "Crude oil production has been declining for several years," said the EIA's Doug McIntyre. "When you add on the impact from Hurricane Ivan and the lost production, it is not too surprising that production has hit lows related to historical numbers."