Storm Stretches Refiners Past a Perilous Point

Hurricane Katrina confirmed the worst predictions. Wreaking havoc along the coastal states, drowning New Orleans and leaving many dead, the storm shut down nearly all the gulf’s offshore oil and gas production for over a week. Racing to restore operations, the industry has brought about 60 percent of that back.

But even more crucially, it knocked off a dozen refineries at the peak of summer demand, sending oil prices higher and gasoline prices to inflation-adjusted records.

New York Times