Oil and gas production ramping up after Isaac

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Associated Press

Posted on September 3, 2012 at 2:31 PM

Updated Tuesday, Sep 4 at 5:00 AM

The nation's oil and gas hub along the Gulf Coast is slowly coming back to life in the aftermath of Hurricane Isaac.

The government said Monday that 800,000 barrels per day of oil production remained offline, 58 percent of Gulf of Mexico production. At the height of the storm 1.3 million barrels per day of oil production was suspended.

Nine refineries in the path of Isaac are restarting or operating at reduced rates. One refinery has returned to full operation and one, the Belle Chasse, La., refinery operated by Phillips 66, is still shut down because it is still without power.

The national average price of gasoline rose 11 cents last week. By Friday the price had leveled off and Monday they declined slightly to $2.827 per gallon.

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