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Offshore oil and gas production is crimped by Gulf storms

Oil Pumps
Posted at 5:54 PM, Aug 23, 2020
and last updated 2020-08-23 20:54:17-04

Energy companies are removing workers from more than 100 oil and gas production platforms in the Gulf of Mexico as Hurricane Marco and Tropical Storm Laura churn toward the Louisiana coast. The Interior Department said Sunday that the evacuations have caused 58% of Gulf oil production and 45% of natural gas output in the Gulf to be shut down. Such shutdowns are normally temporary as long as platforms are not seriously damaged, and experts say we're unlikely to see prices spike as a result. The Gulf accounts for a bit under one-fifth of all U.S. oil production.