8.23.2007 12:00 AM

Hurricane Dean Damage To Oil Rigs Being Assessed

Crews Evacuated Ahead of Storm; Still Too Early To Tell If Lasting Damage Resulted

Oil prices have not reacted dramatically to the cutoff of 3% of the world's oil supply, after Hurricane Dean swept through the portion of the Gulf of Mexico where Mexico's oil infrastructure sits. Mexican engineers had yet to assess the damage, according to Lloyd's List.

Early fears about extensive damage to oil infrastructure were quelled when the storm tracked well south of U.S. oil infrastructure, and Dean's slackening after crossing the Yucatan Peninsula meant it had only Category 1 strength when it hit Mexican oil infrastructure.

Analysts are eagerly awaiting word about the extent of damage -- if any. Mexico is the second largest source of foreign oil to the United States, after Canada.

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