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Oil and gas rigs evacuated in the U.S. Gulf Coast ahead of Isaac

Oil and gas rigs in the Gulf of Mexico have been evacuated as a preventative measure ahead of Tropical Storm Isaac.

As a result there has been a rising price for oil and a four month high for wholesale gasoline, Monday.

About a quarter of all U.S. oil production and eight per cent of natural gas output from the Gulf of Mexico has been halted.

The Louisiana offshore oil port, the single largest entry point for crude coming into the U.S., will be shut-down.

Refineries on the gulf coast are also curtailing production as a preventative measure.

The market is also being affected by the world’s second biggest refinery, located in Venezuela which has been closed after an explosion at two storage facilities which killed at least 39 workers.

Crude oil futures have climbed above $97 dollars per barrel which is close to a three month high. Wholesale refined gasoline is up nearly four per cent at a four month high, $3.20 per gallon.