Gas Prices to Rise as Hurricane Ida Shuts Down 95 Percent of Gulf’s Oil Production

Contact Your Elected Officials
The Epoch Times Logo

Hurricane Ida shut down more than 95 percent of the Gulf of Mexico’s oil production, said regulators, suggesting the Category 4 storm will have a significant impact on energy supply and gas prices.

The federal Bureau of Safety and Environmental Enforcement confirmed the stop in oil production, with firms suspending 1.74 million barrels per day in oil production in the Gulf.

Colonial Pipeline confirmed Sunday it is temporarily shutting down two pipelines between Houston, Texas, and Greensboro, North Carolina, as a precaution due to the storm. They were shuttered “as a precautionary and routine safety measure,” the firm said a statement.

Ida made landfall on Sunday near Port Fourchon, near the Louisiana Offshore Oil Port, which is the largest privately-owned crude terminal in the United States.

Around 94 percent of Gulf of Mexico natural gas production was suspended due to the storm, according to the federal regulator.

“Based on data from offshore operator reports submitted as of 11:30 CDT today, personnel have been evacuated from a total of 288 production platforms, 51.43 percent of the 560 manned platforms in the Gulf of Mexico,” said the agency in a statement on Sunday. “Production platforms are the structures located offshore from which oil and gas are produced. Unlike drilling rigs, which typically move from location to location, production facilities remain in the same location throughout a project’s duration.”

Andrew Lipow, president of Lipow Oil Associates in Houston, told news outlets on Saturday that if the New Orleans refineries take a direct hit from the storm, gas prices will likely rise about 10 cents per gallon in some markets.

Oil prices also rose sharply last week ahead of Hurricane Ida’s arrival.

By Jack Phillips

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Trump’s Proposal For NATO To Stop Buying Russian Oil & Start Tariffing China Is Unrealistic

Trump proposed on social media that NATO stop buying Russian oil and start tariffing China 50-100% as part of his plan for ending the Ukrainian Conflict.

The Choices We Make

Death and disagreement are inevitable. Love and hate are choices. We will all die. Before we do, what choices will we make?

Elon Musk Speaks at Unite the Kingdom Rally

Tommy Robinson held rally, with Elon Musk appearing virtually, calling attention to leftist politicians who allow foreign immigrants to invade England.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

New Details Emerge in Kirk’s Assassination as Suspect Faces Death Penalty—What to Know

New details have emerged in the assassination of Charlie Kirk by suspect Tyler Robinson following the alleged shooter’s apprehension by authorities.

UK, US Sign $42 Billion Tech Deal to Boost AI Partnership

The UK and the US struck a technology pact on Sept. 16 that would bring $42 billion in investments from U.S. tech giants into the UK’s AI infrastructure.

Parents Sue Character.AI for Allegedly Leading Kids to Sexual Abuse, Suicidal Behavior

Parents allege in three lawsuits that Character.AI’s chatbots sexually abused their children and drove them toward suicidal thoughts and behavior.

Tyler Robinson Makes First Appearance in Court, Faces Capital Murder Charge in Charlie Kirk Assassination

Tyler Robinson remained motionless throughout his first court appearance on capital murder and other charges after the shooting death of Charlie Kirk.

Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations

SoS Marco Rubio said foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.
spot_img

Related Articles

Popular Categories

MAGA Business Central