Over the weekend, Hurricane Nate made landfall in Mississippi, making it the fourth storm to hit the U.S. this year. Though the hurricane missed Texas’ energy-producing Gulf Coast, the oil industry did not emerge from the storm unscathed.
Matt Smith, director of commodity research at ClipperData, says that Hurricane Nate’s effect on the energy industry in Texas is the direct opposite of Harvey’s impact. Although very few offshore refineries have been damaged due to the storm, a great many refineries in the Gulf were offline as of yesterday.
What you’ll hear in this segment:
–How Hurricane Nate has affected oil production in the Gulf of Mexico
–How this hurricane period compares to those of previous years
–Who really benefits from a spike in gas prices (Hint: it’s not convenience stores.)
Written by Rachel Zein.