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Friday, November 22, 2024

Hurricane Ida forces oil industry to pause, driving gas prices up

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Hurricane Ida has forced oil companies to reduce or stop their operations for the safety of their workers.

Gasoline prices will be affected, but the length of the disruption will depend on whether the hurricane has caused damaged to rigs or other equipment. 

“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,” AAA spokesperson Jeanette McGee said in a AAA release.

Ahead of Hurricane Ida, oil companies cut back over 95% of production and evacuated every active drilling rig in the Gulf of Mexico, Georgia Public Broadcasting reported.  

"As soon as the power is back online and those rigs and pipelines can be inspected for any damage, and then the roadways are clear and things are returning to normal, we should be getting all of those operations back to normal," AAA Iowa spokesperson Meredith Mitts said, according to Radio Iowa.

The increase in gas prices should be temporary, but likely will continue through Labor Day Weekend. Millions of Americans are expected to travel by road over the holiday weekend.

"AAA predicts that about 34 million drivers nationwide will take road trips during Labor Day weekend. AAA of Western and Central New York says motorists can expect to see higher gas prices this year due in part to the effects and remnants of Hurricane Ida," Greg Larson of WDOE radio tweeted.

The Southeast and East Coast of the United States are expected to be the least impacted by gas price fluctuation, according to AAA.

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