9/26/2005

Bush Turns to Rita's Hit on Oil Industry - Yahoo! News

Did anyone had any doubt he was going to gives treats to his sugar daddies first and foremost ? -- law

WASHINGTON - Concerned about Hurricane Rita's damage to coastal oil refineries, President Bush turned his attention to the nation's energy industry...

While preliminary assessments show little damage to most refineries, a key economic Bush aide said hundreds of thousands of jobs were at risk if the storm stunted oil production.

Oil prices slid Monday, holding below $64 a barrel, as markets reacted to reports of relatively light damage to crucial U.S. petroleum processing zones in Texas. Light sweet crude for November delivery fell 69 cents to $63.50 a barrel in electronic trading on the New York Mercantile Exchange. The contract had dropped as low as $62.65 in an unusual Sunday session in New York.

But 16 Texas oil refineries remained shut down after the storm, and crews found significant damage to at least one in the Port Arthur area, said Energy Department spokesman Craig Stevens.

Bush Turns to Rita's Hit on Oil Industry - Yahoo! News

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