As Hurricane Gustav builds up speed and power in the Gulf of Mexico, oil companies are busy evacuating employees from rigs and production platforms. So far 6 production platforms and 17 rigs have been evacuated.Gustav, now a Category One, is expected to become Category Three as it moves over the warmer waters of the gulf. It will hit the land, perhaps even another direct-hit on the city of New Orleans, on Tuesday. But in its way are rigs, platforms and refineries that help fuel our oil-obsessed nation.
And Tropical Storm Hanna is waiting in the wings for its turn to batter the oil industry too,
Hurricanes Katrina and Rita wiped about 100 rigs when they hit the oil industry. And more refineries were damaged and closed leading to reduced supply and higher prices for gasoline.
As gas and oil supplies are again disrupted by weather during this busy storm season, American motorists may again feel even more pain at the pump. Besides our own domestic production, adverse weather limits shipping, driving up the costs of oil and many other products.
Moving towards a broader energy source which includes renewable fuels only makes sense. Why should we put all of our eggs (and money, and national security) in one basket beholden to unpredictable weather and foreign leaders?
Source: Minerals Management Services, NOAA
READ MORE
- Bad Storms Ahead for Gas Prices
- Oil Prices Expected to Ripple Through Economy
- When Oil Prices Rise, So Does Just About Everything Else
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