The timing of Hurricane Isaias is raising new concerns for everyday Americans already feeling the pinch of rising costs.
More than 60% of Gulf oil production has already been shut down due to the storm, according to the U.S. Marine Minerals Administration’s Thursday report.
The Marine Minerals Administration also reported that about 57% of natural gas production in the Gulf has been shut down.
More than 120 offshore platforms have been evacuated — roughly 33% of the Gulf’s 371 total manned platforms. Major oil companies including Chevron, BP and Shell have already scaled back non-essential workers and operations.
The administration’s report indicated about 1.28 million barrels a day in the Gulf have been shut down, compared to an average of nearly 2 million barrels per day.
Nearly 15% of total U.S. crude oil output comes from the Gulf. The U.S. Bureau of Ocean Energy Management says 99% of all U.S. Outer Continental Shelf oil and gas production comes from the Gulf.
Tom Kloza, Chief Energy Advisor for Gulf Oil, says the timing is the biggest concern.
“There is zero — zero tolerance for any refining losses in the US,” he said in an interview on CNN’s “The Lead.”
Temporary evacuations are not uncommon when storms threaten the Gulf — the longer-term impact will depend on factors like damage to platforms. The Marine Minerals Administration says it will continue to provide updates on conditions.
As of Friday morning, Jacksonville’s average gas price was $4.14 a gallon, down nearly two cents from Thursday, according to AAA.
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