Gerard Burg Damage Quotations

While we continue to assess the damage from Katrina, the threat to production of new storms is attracting everybody's attention and could drive prices right back up.

We saw last year just how much oil shot up after Ivan. Crude markets remain delicately balanced and if Katrina causes substantial damage to production facilities, oil prices will exceed $70 and could push toward $80 a barrel.

We saw last year just how much oil shot up after Ivan, ... Crude markets remain delicately balanced and if Katrina causes substantial damage to production facilities, oil prices will exceed $US70 and could push toward $US80 a barrel.

We're now in wait-and-see mode, ... There was a pull-back after Katrina went through, but early indicators are certainly that some damage has been done.

The path of Rita really spared most of the damage to refineries that was the concern. There's still a lot of pressure on the market, particularly due to tight capacity.