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I hope you -- that had hurricane -- wreaking Havoc on the Gulf Coast and bringing oil production to a near standstill.
Honest -- G-7 members watching the oil markets of course of course rated a call for emergency oil reserves to be released if necessary Peter Barnes is very latest -- Us right -- the gulf accounts for about 20% of total US oil production and about 7% of natural gas output the government says that Isaak has erupted disrupted.
Of oil and 67%.
Of gas production.
Refining is down more than 900000 barrels a day.
But that's about 12% of total capacity down there's so all of this did send oil -- gasoline prices up a bit.
But -- calls for possibly tapping the strategic petroleum reserve reserve.
Up all locked the G-7 saying quote we stand ready to call upon the International Energy Agency.
To take appropriate action to ensure that the market is fully and timely supply.
The White House says the option of tapping the SPR remains on the table but fortunately.
-- -- It is largely missing the production platforms so there is little damage to them and oil prices have actually come down on that news along -- reports that crude inventories were much higher than expected so the pressure to tap reserves.
Appears to be easing.
Just look at the market that is indeed the market.
That the price of crude oil and kissling has not moved much as a result of the storm which indicates the market is reasonably adequately supplied.
And there's really not a need to release.
Reserves at this time.
Now the government has released -- of oil from the SPR and in the past because of hurricanes it sold eleven million barrels in 2005 for example when Katrina slammed into the Gulf Coast extensively damaging rigs and refineries such releases.
Have helped to lower oil and gas prices in the short term.
In the past -- Alright -- you know Peter though there were some reports overnight a big spike in the retail price of gasoline at least five cents.
I gal right so interesting that oil's down gas -- -- a lot of this is still sorting out we'll continue to check in Q2.
Covering it as -- thinks he can you are reporting think Easter trying to get out of a series and it certainly a moment to moment and that's the whole.
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