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Gulf Oil Damage Could Hit $65 Billion From A Cat. 5 Storm

If a Category 5 hurricane with winds exceeding 155 miles per hour strikes the Gulf of Mexico area where U.S. offshore oil rigs are located, the damage may exceed $65 billion, a catastrophe modeling fi

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If a Category 5 hurricane with winds exceeding 155 miles per hour strikes the Gulf of Mexico area where U.S. offshore oil rigs are located, the damage may exceed $65 billion, a catastrophe modeling firm announced today.

The estimate was generated by Oakland, Calif.-based Eqecat’s new Offshore Energy model, which the firm said was designed specifically to project risks to the area.

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