Hurricane Katrinas devastating blow to one of the nations largest energy hubs on Aug. 29 nearly shut down crude-oil and natural-gas production in the Gulf of Mexico. It also significantly reduced refining capacity, resulting in a 50% hike in gas prices in some parts of the country.
Nearly 75% of the Gulfs production platforms and 96 of its 137 drilling rigs were evacuated ahead of Katrina, the U.S. Minerals Management Service reports. The storms impact created gas lines reminiscent of the 1973-74 energy crisis caused by the Arab oil embargo.