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 Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Are conservatives fighting a fiction of woke?

Wokery, it hurts to say it, is too disorganized to have an organized cosmology or doctrine of metaphysical belief.

Illinois Democrat Offenders Reveal Party

The crime of J.B Pritzker and Brandon Johnson in this episode of American history is called subversion at the least , but could be as serious as treason.

Inside the Public School Librarian Jihad to Keep Transgender Propaganda on Shelves

Public school librarians are doing all they can to keep child tranny propaganda flowing directly into the malleable minds of their charges.

Five Reasons Why The Latest Czech Elections Were So Important

Populist-nationalist politician Andrej Babis is poised to return to the premiership after his party's victory. Here are 5 reasons why this is so important.

New York AG Letitia James Indicted on Federal Charges

New York Attorney General Letitia James was indicted by a grand jury on federal charges, according to an indictment on unsealed on Thursday.

6 Ways Vaccine Policy Has Changed Under RFK Jr.

Health Sec RFK, Jr. and officials at the HHS changed recommendations and policies for multiple vaccines, including shots against COVID-19 and measles.

Journalists Recount Antifa Violence in Roundtable With Trump

President Trump met at the White House with journalists attacked by the newly designated terrorist group Antifa, joined by Cabinet officials for a roundtable.

IRS to Furlough 34,000 Employees as Government Shutdown Halts Treasury Operations

The IRS said in an emergency message to staff that it will furlough more than 34,000 employees starting on Oct. 8 due to the government shutdown.

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.

Trump: All Medium, Heavy Duty Trucks Entering US Will See 25 Percent Tariff on Nov. 1

President Trump announced on Monday that all medium and heavy-duty trucks entering the United States will see a 25 percent tariff starting on Nov. 1.

Treasury Names Social Security Commissioner as CEO of IRS

Treasury Sec. Scott Bessent announced that Frank Bisignano, the head of the Social Security Administration (SSA), will also serve as CEO of the IRS.

Agencies Terminated, Descoped 94 Wasteful Contracts With $8.5 Billion Ceiling Value, Says DOGE

Various federal government agencies have terminated and descoped 94 wasteful contracts over the past five days, DOGE said in an Oct. 4 post on X.
spot_img

Related Articles

Popular Categories

MAGA Business Central