Oil Prices Likely To Rise Due To Isaac And Refinery Explosion In Venezuela

Analyst with oil futures are beginning to predict oil prices will rise as a result of oil drilling rigs in the Gulf of Mexico being shut down and evacuated and with the explosion of a major oil refinery in Venezuela, a country that exports to the U.S. and is part of OPEC.

Over 60 oil drilling rigs in the Gulf of Mexico have shut down production and are evacuating employees from the drilling platforms as Tropical Storm Isaac takes aim at New Orleans.

An explosion at a major Venezuelan oil refinery is still on fire after emergency crews have struggled to get the situation under control. The Venezuelan government said immediately after the explosion that the refinery will be open within two day and that exports will continue as normal, but so far it has not be able to put the fire out.

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