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How the Oil Industry Is Preparing for Hurricane Isaias
Oil companies had shut in about 1.3 million barrels a day, or 63% of Gulf output, as the storm threatened refineries.
- Hurricane Isaias churned toward Mississippi, Alabama, and the Florida panhandle Friday as a Category 3 storm with 120 mph winds, forcing companies to shut in roughly 63% of Gulf production, or about 1.3 million barrels per day.
- Because Gulf Coast refineries are running at 95% capacity, there is no slack in the system to compensate for lost output, and the storm could limit about 2% of the country's refining capacity, said Andy Lipow, president of Lipow Oil Associates.
- While Chevron's refinery at Pascagoula remains operational, spokesperson Ross Allen said, the storm could affect that site and a Vertex Energy refinery in Saraland, Alabama.
- Tankers will be delayed delivering crude oil and loading fuel, an analyst said. Florida will experience delays in receiving gasoline, jet fuel, and diesel.
- With fuel markets already tight, Kevin Book, managing director at ClearView Energy Partners, noted that fuel prices typically rise while crude prices fall during outages, as conflicts in Eastern Europe and the Middle East knock out capacity.
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Oil companies evacuate offshore facilities in preparation for Hurricane Isaias
Energy experts say they don't expect the storm to have a long-term impact on gas prices, because the hurricane isn't projected to hit most of the refining facilities off the Gulf coast.
·Houston, United States
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BREAKING: ANOTHER MAJOR BLOW TO AMERICA'S ENERGY SUPPLY!
Just when Americans thought the economic pressure couldn't get any worse, another crisis is unfolding!Hurricane Isaias is barreling toward the Gulf Coast, forcing oil companies to shut down nearly 63% of offshore oil production!This comes as the...
Hurricane Isaias is causing major disruptions to U.S. oil production in the Gulf of Mexico, threatening about 2 percent of U.S. refining capacity. The storm comes at a time when global fuel markets are already tense, CNBC reported.
·Budapest, Hungary
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Coverage Details
Total News Sources18
Leaning Left5Leaning Right1Center4Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 40%
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