About 24% of oil production shut in US Gulf of Mexico due to Hurricane Helene

[BumRushDaShow]

Source: Reuters

September 27, 2024 5:45 PM EDT Updated 11 hours ago


Sept 27 (Reuters) - About 24% of crude oil production and 18% of natural gas output in the U.S. Gulf of Mexico was shut in response to Hurricane Helene, the U.S. Bureau of Safety and Environmental Enforcement said on Friday.

Oil and natural gas production losses fell for the second consecutive day after reaching a peak of 511,000 barrels on Wednesday. Energy producers had shut in 427,000 barrels per day of oil production and nearly 343 million cubic feet of natural gas from Gulf waters, the bureau said.

Nine oil and gas platforms had been evacuated as of Friday, about 2.4% of the Gulf of Mexico total, the offshore regulator said, citing reports from producers.

The hurricane caused U.S. offshore oil and gas producers to lose 1.66 million barrels of oil and 1.23 billion cubic feet of gas due to shut-ins that began on Tuesday, according to a Reuters tally of BSEE daily estimates.

Read more: https://www.reuters.com/business/energy/about-24-oil-production-shut-us-gulf-mexico-due-hurricane-helene-2024-09-27/

[Martin68]

1. I guess we can expect gas prices to go up.

[BumRushDaShow]

2. I think there is enough surplus out there that it probably won't

to the point where they were even talking about cutting back (they have been pumping out record amounts since last fall and they were fortunate during last year's hurricane season, to not have had any that impacted the platforms in the GOM).

[Martin68]

3. You are right, but I expect fuel companies to take advantage of the situation to raise prices regardless. It's what

they do. Capitalism, you know. One of the reasons for the spike in the inflation rate.

[BumRushDaShow]

4. I think normally that is what happens

but because of what was mentioned here - https://www.democraticunderground.com/10143313434

and then Friday's close -



I think they are going to leave well enough alone.