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Best of the Blogs, Energy: How Hurricane Issac Will Affect Oil Production and Gas Prices


Also, GM halts production of the Chevy Volt.

This column highlights the most interesting and useful business and financial commentary on energy from around the Web.
Link: Isaac Threatens Gulf Oil Production
"Tropical Storm Isaac is curtailing oil production along the Gulf of Mexico and threatening refineries, which could send already rising gasoline prices up another $.10 in the coming week.

"BP (BP) said it is evacuating workers and temporarily shutting down output at all of its production platforms in the Gulf. Royal Dutch Shell (RDS-A) said it is evacuating its platforms in the eastern Gulf, and has started to remove nonessential workers from the central Gulf area. Chevron (CVX) has started to remove some staff from its offshore facilities as well, though the company said its production and refinery output has not yet been affected."

Fuel Fix
Link: GM Said to Halt Chevrolet Volt Production for Four Weeks.
"General Motors Co. (GM), the largest US automaker, is planning to stop production for about four weeks in September and October at the factory that makes Chevrolet Volt cars, two people familiar with the plan said.

"Sales of the plug-in hybrid sedan haven't met Chief Executive Officer Dan Akerson's projections this year. Through July, GM sold 10,666 Volts in the US, according to researcher Autodata Corp. Akerson had aimed for sales of 60,000 globally, of which 45,000 would be delivered in the US In June he said sales would probably total 35,000 to 40,000."

CBS Chicago
Link: Lawsuits Filed Over Bad Gasoline From BP
"Two Indiana residents have filed separate class-action lawsuits against BP after they were both told it would cost $1,000 or more to fix their vehicles, which were damaged by a bad batch of gasoline from the company's Whiting refinery.

"BP has issued a recall for about 2.1 million gallons of off-specification gasoline that was shipped to stations in Indiana, Illinois and Wisconsin earlier this month. The company has reported that more than 7,000 people have already reported problems to BP."

Bloomberg BusinessWeek
Link: Oil Rises on US Supply Forecast, Venezuela Blaze
"Oil rose for the first time in four days in New York as US crude inventories were forecast to drop, a storm headed for the Gulf of Mexico and a fire halted output at Venezuela's biggest refinery.

"US crude stockpiles probably fell by 2 million barrels last week, or 0.6%, according to a Bloomberg News survey before an Energy Department report tomorrow. Tropical Storm Isaac was near hurricane strength as it headed for the Gulf coast, according to the National Hurricane Center. Processing units at Venezuela's 645,000 barrel-a-day Amuay plant remain halted after a gas explosion on Aug. 25 that killed 48 people. Oil also increased before a US Federal Reserve symposium in Jackson Hole, Wyoming, on Aug. 31."

Link: Judge Says ATP O&G Can Tap $617.6 Million Loan
"A judge has cleared ATP Oil & Gas Corp. (ATPG) to tap a $617.6 million bankruptcy loan to fund its operations, including the construction of a key oil pipeline in the Gulf of Mexico, as it restructures its more than $2 billion in debt in Chapter 11.

"Judge Marvin Isgur of the US Bankruptcy Court in Houston on Tuesday said the company can borrow up to $80 million on the $250 million 'new money' portion of the loan and refinance $367.6 million in first-lien debt pending a Sept. 20 final hearing on its bid to use the full balance of the loan."

Green Options
Link: Sports Brands Adidas, Nike, Puma Getting Greener
"Pressure from Greenpeace seems to be working -- three of the leading sports brands -- Nike (NKE), Puma, and Adidas (ADDYY) -- have committed to having zero discharge of hazardous chemicals throughout their supply chains by 2020.

"'Throughout the supply chain' means that every single supplier these companies deal with will have to clean up their act as well."
No positions in stocks mentioned.
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