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North American oil prices have sustained five-month-high levels as producers brace for hurricanes that could prompt the biggest weather-related shutdown for 15 years – as well as fears for the potential human costs.
The incoming arrival of Hurricane Laura to the United States [has] led to worries over potential fuel shortages.
The National Hurricane Center warned that Laura would reach the northwestern Gulf Coast tonight, with the danger of life-threatening storm surges. Much of the oil production in the area has already been shut down, and there are obvious concerns of further damage to come.
The US Gulf Coast energy industry was preparing Aug. 25 as the second of two storms this week was approaching the Texas/Louisiana coast | #crudeoil #natgas #Laura #hurricane#FACTBOX: https://t.co/dmJd3MIZYu pic.twitter.com/b5ChRd55U4