Forecasters announced a storm, now named Ian, strengthened into the fourth hurricane of the 2022 season this morning. The category 1 storm is expected to intensify as it moves through the Gulf of Mexico in the coming days. Texas will avoid its path — the storm is heading for Florida. Even so, the gulf is a big part of the Texas energy industry. Should we expect there to be any concerns on that front? Matt Smith, lead oil analyst for the Americas at Kpler, spoke with Texas Standard about why the storm’s path won’t affect Texas’ gulf oil wells.
Highlights from this segment:
– Hurricane Ian could reach category 4 status before landfall.
– With Ian on track to hit Florida, ships in nearby waters may need to adjust their routes to circumvent the storm.
– Prices nationwide aren’t likely to be impacted much by Ian. The storm is unlikely to hit Texas, impact offshore oil production.
– The fall of gas prices appears to be leveling off, but a rise in oil prices appears to be related mainly to geopolitics and issues relating to Russia.