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Isaac is not expected to grow beyond a Category 1 hurricane and that is easing some concerns it could damage oil and gas refineries along the Gulf Coast. Still, several have shut down operations and will probably be offline for a couple days. Depending on Isaac's severity, analysts say gas prices could go up by about 10 cents or so in the coming weeks. Transcript provided by NPR, Copyright National Public Radio.
The federal government says oil and gas operators continue to evacuate offshore platforms and rigs in Tropical Storm Isaac's likely path through the Gulf of Mexico.
Isaac is expected to become a Category 2 hurricane before making landfall Wednesday.
The Bureau of Safety and Environmental Enforcement says 39 production platforms and eight drilling rigs have been evacuated. That's about 6.5 percent of the 596 manned platforms and 10.5 percent of the 76 rigs operating in the Gulf of Mexico.
Executives of offshore oil and gas fleet provider Tidewater Inc. told shareholders Thursday that prospects are bright the company's African market.
The Times-Picayune reports more than 90 percent of New Orleans-based Tidewater's fleet of oil and gas service vessels operates abroad. The largest concentration is in waters off sub-Saharan Africa, where Tidewater stations 132 vessels, about half its fleet.
Chief Operating Officer Jeff Gorski told shareholders attending the company's annual meeting that Africa is expected to continue to be a leading market.