• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 29 mins Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 5 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Kazakhstan Speaks Out Against Russia Over Ukraine War

Kazakhstan Speaks Out Against Russia Over Ukraine War

Tensions are boiling over behind…

Will Colombia’s New President Upend Its Oil Industry?

Will Colombia’s New President Upend Its Oil Industry?

Colombia has just elected leftist…

U.S. Gasoline Prices Jump Following Hurricane Ida

U.S. gasoline prices rose on Monday from the cheapest price since early July seen during the weekend, as oil refiners on the Gulf Coast began assessing the damage from Hurricane Ida, which is estimated to have shut in 13 percent of U.S. refining capacity.

As of Tuesday, August 31, the U.S. national gas price average had risen to $3.159 a gallon, up from $3.151 per gallon on Monday, according to estimates from AAA.

Nine oil refineries were on Hurricane Ida’s path, and four of those are believed to have shut down operations ahead of the storm, AAA said on Monday.

Hurricane Ida pummeled Louisiana this weekend, leaving 1 million customers without power, including refineries in the Gulf Coast area. As much as 95 percent of oil production in the U.S. Gulf of Mexico had been shut in ahead of Hurricane Ida which passed through the Gulf before making landfall in Louisiana.

While analysts expect oil and gas production in the Gulf of Mexico to be gradually restored this week, refiners may take longer to restart facilities, especially if power outages in Louisiana persist.

“Until the power is restored, it’s too early to know the full impact of any damage Ida caused on the oil and gas industry, but motorists regionally can expect price fluctuations leading into Labor Day weekend,” said Jeanette McGee, AAA spokesperson. “Typically, a category 4 storm could mean three plus weeks before refineries are back to normal operations, while offshore production is more likely to resume this week,” McGee added.

Utilities say the full assessment of the damage to transmission lines could take days. Entergy said on Monday “Based on historical restoration times, customers in the direct path of a storm as intense as Hurricane Ida could experience outages for more than three weeks.”

According to GasBuddy’s petroleum analyst Patrick De Haan, many refineries in Louisiana say that it is possible facilities to take longer to restart, and the biggest issue is power. Marathon Petroleum’s Garyville refinery is out, ExxonMobil’s Baton Rouge refinery lacks nitrogen supply to restart, the Alliance refinery of Phillips 66 is out of service expecting “extended” outage, and Valero’s both refineries in Louisiana are down due to lack of power, De Haan said on Monday.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News