Oil Production Coming Back Online
Oil production is resuming in the Gulf of Mexico and at refineries in the coastal regions hit by Hurricane Isaac. However, power outages are slowing the process.
The government says just under half of normal oil production has resumed in the Gulf, translating into 800,000 barrels of oil a day. The storm kept over a million barrels suspended at its height.
Nine refineries in Isaac’s path are coming back online, but one east of New Orleans remains shut because power has not been restored.
Nationwide, the average price of gas jumped 11 cents last week while the Isaac storm system pounded the region. Prices have since dropped to $3.87 a gallon on average.