Nate nears coast as region faces $1 billion damage

Gas output in the Gulf fell to a three-year low

Hurricane Nate, on track to strike near New Orleans overnight Saturday, is threatening to cause close to $1 billion in damage across Central America and the US following the most powerful month of hurricanes on record.

Nate, which the National Hurricane Centre upgraded to a hurricane from a tropical storm on Friday night, triggered flooding and landslides in Central America, leaving at least 17 dead in Costa Rica and Nicaragua, and shuttered oil and natural platforms in the Gulf of Mexico. It could make landfall in the US as a Category 1 hurricane with winds exceeding 119 kilometres an hour.

Soaking rains