In August, the oil and gas industry is bracing during hurricane season and making challenging decisions based on the need for safety. Read on to learn more about what’s happening in our oil and gas news roundup this month.
US Energy Dept Ready to Respond to Laura
Category 4 Hurricane Laura reached land in Louisiana early Thursday morning. In response to the hurricane, the U.S. Department of Energy (DOE) announced its preparation efforts and plans for support of the energy sector. This includes its office of Cybersecurity, Energy Security and Emergency Response activating Emergency Support Function #12 responders to help the Gulf Coast.
To learn more about what the DOE is doing in response to the hurricane, check out the full article here.
Oil prices climb as two hurricanes shutter U.S. offshore production
With the storm Marco and Hurricane Laura closing in on the U.S. Gulf Coast, the Gulf of Mexico closed down Sunday in preparation. The oil and gas industry braced for up to billions of dollars worth of damage. As a result, futures rose 0.8 percent in New York and almost 58 percent of crude oil output—or more than one million barrels a day—was closed.
To read more about the climbing oil prices, check out Oil & Gas 360’s article here.
Oil Near 5-Month High as Laura Menaces Refineries
Though Hurricane Laura is causing issues for most of the refineries in the Gulf Coast, there is optimism that the demand is recovering. In fact, though it had dropped a bit earlier in the week, futures in New York reached up to near $43 a barrel, the highest since March 5. Also, Hurricane Laura is expected to have a temporary impact on the market.
To read more of Rigzone’s article, click here.
Reach Out to Tiger General
To those affected by Hurricane Laura and storm Marco, we hope you are safe! To everyone else, we hope you found our oil and gas news roundup helpful.
Bring your next piece of equipment to where it’s needed most and fill out the Tiger General Truck Inquiry Form today.