Tropical Storm Isaac is predicted to strike the Gulf Coast as at least a Category 2 hurricane with wind speeds up to 110 mph between late tomorrow and early Wednesday, almost seven years to the day when Hurricane Katrina devastated the Gulf Coast.
Tropical storm Isaac tracks toward Louisiana, Mississippi and Alabama, with nearly 1.5 million barrels per day of refining capacity in its path, according to the Oil Price Information Service (OPIS). The National Hurricane Center today posted hurricane warnings stretching from east of Morgan City, La., to the city of Destin in Florida’s Panhandle.
U.S. Gulf Coast refiners have started closing facilities in anticipation of the storm.
Gasoline rose 3.4 percent and oil climbed as the storm shut 24 percent of U.S. oil production in the Gulf of Mexico and 8.2 percent of natural gas output, the Bureau of Safety and Environmental Enforcement said yesterday.
Photo Credit: samc/bigstock.com
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