Oil Companies Shutting Down Production as Gustav Closes In

Royal Dutch Shell, BP and other oil companies wrapped up evacuations and shut down production Saturday as an intensifying Hurricane Gustav moved toward the Gulf of Mexico.

As of midday Saturday, slightly more than three-fourths of the Gulf's oil production and nearly 40 percent of its natural gas output had been shut down, according to the U.S. Minerals Management Service.

The U.S. Gulf Coast accounts for about 25 percent of domestic oil production and 15 percent of natural gas output. The Gulf Coast also is home to approximately half the nation's refining capacity.