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Can oil weather the storm?

Staff -- Purchasing, 8/17/2006 2:00:00 AM

The beleaguered u.s. oil industry believes it has prepared sufficiently to weather another round of severe hurricanes in the Gulf of Mexico this season. However, production hasn't yet recovered from Katrina and Rita, which took out almost a quarter of domestic oil production. Refinery inputs of crude oil declined by 3% at midyear, or 490,000 barrels/day. Also, Energy Information Administration says 300,000 barrels/day of oil output remain shut in the region.

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