Hurricane
Gustav
Hurricane
Gustav 2008
Hurricane
Gustav made landfall about 70 miles southwest of New
Orleans. Hurricane Gustav while widespread in its damage,
did not become a repeat of Hurricane Katrina. Damage
loss estimates from Hurricane Gustav range from $6 billion
to $10 billion. Hurricane Katrina, three years ago,
represented the industry’s single largest insured
loss ever. Companies paid $41 billion in property losses,
and the government’s flood insurance program paid
an additional $18 billion. 
Most
of the damage from Hurricane Gustav was from wind not
flooding like Hurricane Katrina. Immediately after the
storm, over 1.4 million households in Louisiana were
without power from Hurricane Gustav, which slammed the
Louisiana coast.
The
Gulf oil drilling and production while paused appear
to have survived Hurricane Gustav with relatively light
damage. U.S. energy companies shut down nearly all offshore
Gulf oil and gas production. At least nine oil refineries
with a combined capacity of 2.2 million barrels per
day (bpd), or 12.5 percent of US refining capacity,
were shut down along the south Louisiana coast ahead
of Gustav.
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