The Federal Reserve Bank of Atlanta's Research Department produces updates on the impact of recent tropical cyclone activity on the Gulf of Mexico and the coastal area's energy sector. These reports are developed from a variety of publicly available resources and are updated as events dictate.
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Production and Refining |
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Energy companies began shutting in production and evacuating offshore personnel on Monday amid worries that a hurricane could once again threaten Gulf of Mexico oil facilities. Even though forecasts now show that Hurricane Ike is likely to miss most of the Gulf’s offshore energy facilities, precautionary shut-ins could keep U.S. oil and gas production closed until mid-September. |
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As of 12:30 p.m. on Sept. 8, about one million barrels per day (or nearly 80 percent) of the federal portion of the Gulf of Mexico’s crude oil production and 60 percent of natural gas production remained shut in after Hurricane Gustav. |
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Energy inventories will likely take a hit from the successive threats posed by Hurricanes Gustav and Ike in two consecutive weeks. |
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The Department of Energy (DOE) reports that 10 of the 14 Gulf refineries that were shut down on Sept. 1 have now restarted. |
