Oil Surges to Record, Gas Rises as Storm Threatens U.S. Output

Crude oil rose to a record $67.40 a barrel in New York and natural gas reached $10 for the first time in 30 months on concern that a storm heading for Florida may threaten production platforms in the Gulf of Mexico.

Tropical Storm Katrina, the 11th named storm of the year, is forecast to reach hurricane strength before crossing Florida August 26 and moving into the Gulf, the Miami-based National Hurricane Center said. The Gulf of Mexico accounts for 24 percent of U.S. gas production and 30 percent of oil output.
Bloomberg