Hurricane Gustav weakened to a Category 2 storm as it hit the Louisiana Gulf Coast, a smaller and weaker hurricane than Katrina or Rita. On Saturday when Gustav whirled to almost Category 5 strength, many analysts worried that Gustav may damage rigs and pipelines enough to reduce production by 50 million barrels over the next few months (similar to the level of Katrina and Rita in 2005). But from the first reports of minor flooding and damages, Gustav appears to be more similar to Hurricane Isidore of October 2002 which reduced production by Continue reading →