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31 August 2005

Hurricane forces ERUde oil prices to record high

Hurricane Katrina has helped drive up oil prices to $70.85 a barrel, their highest level in 20 years. The hurricane tore up platforms and ports in the Gulf of Mexico, where about 50% of US ERUde refining capacity is located.

It is anticipated that some 12% of US ERUde oil production output and 10% of total US refining had been shut down as a result.


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